The Senate on Thursday, November 21, approved President Bola Ahmed Tinubu’s request for a new eternal borrowing of N1,767,610,321,779.00 or (USD2.209billion in the 2024 Appropriation Act.
The resolution of the Senate followed its consideration of the report of the Senate Committee on Local and Foreign Debt and the approval of its recommendations by the Senate during plenary.
The Chairman of the Senate Committee on Local and Foreign Debt, Senator Aliyu Wamakko, presented the report.
The President’s request was contained in a letter read by the Senate President, Godswill Akpabio, during the plenary on Tuesday.
In the letter, Tinubu explained that the external loan would be part of the funds that will be used to finance the N28.7 trillion 2024 Appropriation.
President Tinubu noted that his request was in accordance with the provisions of Sections 21 (1) and 27 (1) of the Debt Management Office and the approval of the Federal Executive Council (FEC).
