The Nigerian Senate has greenlit a significant portion of President Bola Tinubu’s borrowing plan for 2022-2024, authorizing a $7.8 billion and €100 million loan.
Despite Tinubu’s initial request for $8.7 billion and €100 million in November 2023, the Senate sanctioned only 89.7% of the proposed dollar loan.
This decision followed a meticulous review of the report presented by the Senate’s committee on Local and Foreign Debt during their recent Saturday session.
However, the Senate did not fully approve the dollar loan, citing the need for additional information from the relevant agencies. The committee emphasized the necessity of obtaining these outstanding details before considering the remaining loan request.
