The Nigerian Senate is set to approve President Bola Tinubu’s $2.2 billion loan request today, intended to partially fund the N9.7 trillion deficit in the N28.7 trillion 2024 budget. The request, outlined in Tinubu’s external borrowing plan, was presented in letters read at Tuesday’s plenary sessions of both the Senate and House of Representatives. Senate President Godswill Akpabio has directed the Senate Committee on Local and Foreign Debts to review the request and report back within 24 hours for expedited consideration.
Additionally, President Tinubu submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027. This framework proposes an oil price benchmark of $75 per barrel, daily production of 2.06 million barrels, an exchange rate of N1,400 to $1, and a GDP growth target of 6.4%. These figures will guide the proposed N47.9 trillion 2025 budget. Tinubu also forwarded the Social Investment Programme Amendment Bill, aiming to enhance the transparency and efficiency of social welfare programs by leveraging the National Investment Register for targeting beneficiaries.
Tinubu emphasized that the amendment would make welfare initiatives more effective in addressing the needs of vulnerable citizens. The Senate has referred the bill and the MTEF/FSP documents to relevant committees, with deliberations expected in subsequent sessions. These efforts highlight the administration’s focus on leveraging technology and data to improve governance and social protection measures.