House of Reps approve Tinubu’s ₦1.77 trillion loan request

President Bola Tinubu‘s loan request of ₦1.77 trillion ($2.2b) has been granted by the House of Representatives.

After the House Committee on Loans and Debt Management presented a report, the MPs granted the request Thursday during a plenary led by House Speaker Tajudeen Abbas.

The Senate has previously granted President Bola Tinubu’s request for a $2.2 billion loan.

After reviewing a report submitted by Aliyu Wamakko, the chairman of the Committee on Local and Foreign Debt, the Senate approved the measure.

Deputy Senate President Jibrin Barau, who presided over the meeting, praised the committee for its prompt response and careful review of the loan request.

At a rate of N800 per dollar, the authorized sum equals ₦1.7 trillion and is expected to cover the N9.1 trillion shortfall in the 2024 budget.

Recall President Tinubu had requested the National Assembly’s approval for a fresh external borrowing plan of ₦1.767 trillion to partially fund the ₦9.7 trillion budget deficit in the 2024 appropriation act.

In other news, the House of Representatives has rejected a bill seeking a six-year single term for Nigeria’s presidency.

According to reports, the bill sought to amend the 1999 constitution to provide for a single term of six years for the Offices of the President, State Governors and Local Government Area Chairmen.

The bill is aimed at curbing wastages occasioned by four years of periodic elections.

The bill, which passed its first reading four months ago and slated for a second reading, was rejected during Thursday’s plenary session.