The Senate is set to approve President Bola Tinubu’s $2.2 billion (N1.77 trillion) loan request today (Wednesday) to help fund the N9.7 trillion budget deficit for the 2024 fiscal year.
The request is part of the external borrowing plan under the N28.7 trillion 2024 budget.
Senate President Godswill Akpabio tasked the Committee on Local and Foreign Debts to review the proposal and report back within 24 hours.
Tinubu also submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027, which sets the parameters for the proposed N47.9 trillion 2025 budget.
Akpabio referred the MTEF/FSP to the Senate Committee on Finance, directing them to report within a week.
Social Welfare Amendment Bill
Tinubu presented the Social Investment Programme Amendment Bill to enhance the transparency and efficiency of welfare programs.
The amendment proposes using the National Investment Register to target beneficiaries effectively.
The bill, submitted under Section 58(2) of the 1999 Constitution, aims to strengthen social protection initiatives and combat poverty and inequality.
It has been referred to relevant Senate committees for review.
