KEY POINTS
- Senate will approve Tinubu’s $2.2 billion loan request today.
- Loan will partially finance the N9.7 trillion 2024 budget deficit.
- Social investment amendment bill aims to improve welfare programs.
The Nigerian Senate is expected to approve President Bola Tinubu’s $2.2 billion (approximately N1.77 trillion) loan request today, aimed at addressing the N9.7 trillion deficit in the 2024 fiscal budget. The loan is part of the external borrowing plan outlined in the N28.7 trillion 2024 budget.
Senate to approve Tinubu’s $2.2 billion loan request
The Punch reported that, Senate President Godswill Akpabio, after reading Tinubu’s letter during Tuesday’s plenary session, directed the Senate Committee on Local and Foreign Debts to review the request and report back within 24 hours. “The Presidential request for $2.2 billion is already part of the external borrowing plan for the 2024 fiscal year,” Akpabio stated, urging the committee to expedite its assessment.
Additionally, Tinubu submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027 to the Senate and House of Representatives for consideration. The document outlines key parameters, including a $75 oil price benchmark, daily oil production of 2.06 million barrels, and an exchange rate of N1,400 to $1, forming the basis for the proposed N47.9 trillion 2025 budget.
Key parameters for Nigeria’s 2025 fiscal plan unveiled
The MTEF/FSP projects a GDP growth rate of 6.4% and outlines critical strategies for Nigeria’s economic stability. Akpabio instructed the Senate Committee on Finance, National Planning, and Economic Affairs to review the framework and report back within a week.
In addition, the President has proposed amendments to the Social Investment Programme to improve transparency and efficiency.
Tinubu seeks to amend social investment programme framework
President Tinubu submitted the Social Investment Programme Amendment Bill to the National Assembly to enhance the delivery of welfare programs for vulnerable Nigerians. The proposed amendment seeks to make the National Investment Register the primary tool for targeting beneficiaries, ensuring data-driven and transparent social interventions.
“This amendment will make our social welfare programs more transparent, efficient, and impactful in addressing the needs of vulnerable Nigerians,” Tinubu explained.
The Senate has referred the bill to relevant committees, with deliberations expected in subsequent sessions. If passed, the amendment is anticipated to significantly improve Nigeria’s social protection systems and poverty alleviation efforts.
Tinubu’s dual approach of addressing fiscal challenges and improving welfare programs underscores his administration’s commitment to stabilizing the economy and protecting the most vulnerable citizens.
