The Senate is set to approve a $2.2 billion loan request from the President today to aid in financing the 2024 budget deficit.
The loan request is part of the external borrowing plan aimed at implementing the budget for the fiscal year, as outlined by the President.
President Tinubu explained in letters read during the Senate and House of Representatives sessions that the loan would help cover a portion of the budget deficit for the year.
Following the reading of the letter, Senate President Godswill Akpabio directed the Senate Committee on Local and Foreign Debts to review the request and provide a report within 24 hours.
Akpabio stressed the inclusion of the $2.2 billion loan in the external borrowing plan for the fiscal year and urged swift consideration by the Senate Committee.
Additionally, the President submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025–2027 to both houses of the National Assembly.
Akpabio instructed the Senate Committee on Finance, National Planning, and Economic Affairs to review the MTEF/FSP documents and report back within a week.
The MTEF/FSP includes key parameters such as oil price benchmark, oil production levels, exchange rate, and GDP growth rate, forming the basis for the 2025 budget proposal.
President Tinubu also forwarded the Social Investment Programme Amendment Bill to enhance the implementation of social welfare programs for greater transparency and efficiency.
The proposed amendment aims to utilize the National Investment Register to target beneficiaries of social investment initiatives, ensuring data-driven welfare programs for vulnerable citizens.
President Tinubu highlighted the importance of the amendment in improving the transparency and impact of social welfare programs to address the needs of vulnerable Nigerians.
The bill has been referred to relevant committees for review, signaling the administration’s dedication to leveraging technology and data for optimal social welfare impact.