Nigeria: Senate Approves Tinubu’s Request to Borrow $2.2bn

The Senate said obtaining the loan will strengthen the nation’s foreign reserve.

The Senate on Thursday granted President Bola Tinubu permission to obtain a $2.209bn external loan.

The loan was approved after considering the report of the Senate Committee on Local and Foreign Debts, presented by its Chairman, Aliyu Wamakko, during plenary.

The loan, which is equivalent to N1.767 trillion, would be part of the funds that will be used to finance the N28.7 trillion 2024 budget as incorporated in the…