On Wednesday in Abuja, Tinubu gave his approval to the N2.17 trillion supplementary appropriations bill.
Following its third reading, the 2023 Appropriations Bill was approved by the Nigerian Senate last Thursday.
The Appropriations Committee Chairman, Senator Solomon Adeola, also known as Yayi, submitted a report on the harmonised sessions of the Senate and the House of Representatives, and the Senate subsequently passed the measure.
Last Tuesday, Tinubu gave the National Assembly a presentation on the supplemental budget.
SaharaReporters said last Wednesday that the Senate had accepted President Tinubu’s request for a $7.8 billion and an additional €100 million borrowing plan.
The Senate President, Godswill Akpabio, read the letter the president sent to the Senate outlining his request during the plenary session.
President Tinubu’s proposal for a loan of more than $800 million to fund the National Social Safety Network Programme was accepted by the National Assembly in August.
The 2022 Supplementary Appropriations Act, which allocated N819 million for “the provision of palliatives to Nigerians to cushion the effect of fuel subsidy removal,” was adopted by the National Assembly.
Akpabio revealed on Wednesday Tinubu’s letter requesting the Senate to approve the borrowing plan for 2022–2024.
At the conclusion of this year’s second quarter, Nigeria’s debt load increased to N87.38 trillion, according to the Debt Management Office (DMO).
This includes a total of N54.13 trillion in internal debt and N33.25 trillion in overseas debt.
