The Senate has approved President Bola Ahmed Tinubu’s request for an external loan amounting to N1,767,610,321,779 (USD2.209 billion), as part of the 2024 Appropriation Act.

The approval came on Thursday, November 21, following the consideration of the report of the Senate Committee on Local and Foreign Debt, which the committee chairman, Senator Aliyu Wamakko, presented.

The request, which was formally presented in a letter by President Tinubu, was read by Senate President Godswill Akpabio during plenary on Tuesday.

In the letter, President Tinubu explained that the external loan would be used to fund the 2024 national budget, which totals N28.7 trillion.

According to Tinubu, the loan request is in accordance with Sections 21 (1) and 27 (1) of the Debt Management Office (DMO) and has received the necessary approval from the Federal Executive Council (FEC).

The decision to approve the loan was supported by the majority of the Senate, which focused on ensuring the successful implementation of the 2024 national budget.