The National Assembly, on Thursday, November 21, 2024, approved the N1.77trn ($2.2 billion) loan request by President Bola Ahmed Tinubu.
The approval followed the consideration and adoption of reports of the committees on local and foreign debts in both chambers during the plenary.
With the approval, Nigeria’s total debt has now hit an all-time high – to the tune of N136 trillion.
President Tinubu had written to the National Assembly requesting the Senate and House of Representatives to approve a fresh $2.2 billion as an external borrowing plan in the 2024 Appropriation Act.
The president’s request was contained in a letter read by the Speaker of the House of Representatives, Tajudeen Abbas and Senate President Godswill Akpabio during separate plenaries on Tuesday, November 19, 2024.
|SituationReport|
