The Senate on Thursday, November 21, approved President Bola Ahmed Tinubu's request for new perpetual borrowing of N1,767,610,321,779.00 or (USD2.209 billion in the 2024 Appropriations Act).
Following the Senate resolution the report of the Senate Committee on Local and Foreign Debt was considered and its recommendations approved by the Senate during the plenary session.
Chairman of the Senate Committee on Local and Foreign Debt, Senator Aliyu Wamko, presented the report.
The President's request was contained in a letter read by the Senate President, Godswill AkpabioDuring the plenary session on Tuesday.
In the letter, Tinubu explained that the external loan would be part of the funds that would 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 Office of Debt Management and the approval of the Federal Executive Council (FEC).
Details soon…
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