{"id":56634,"date":"2024-11-21T13:22:24","date_gmt":"2024-11-21T13:22:24","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=56634"},"modified":"2024-11-21T13:22:24","modified_gmt":"2024-11-21T13:22:24","slug":"senate-approves-tinubus-2-2-billion-loan-request","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/11\/21\/senate-approves-tinubus-2-2-billion-loan-request\/","title":{"rendered":"Senate Approves Tinubu\u2019s $2.2 Billion Loan Request"},"content":{"rendered":"<p><em><strong>By Patrick Idowu<\/strong><\/em><\/p>\n<p>The Senate has approved a $2.2 billion loan request from President Bola Tinubu, which will be used to address the N9.1 trillion deficit in the 2024 budget.<\/p>\n<p>The approval came after the Senate considered a report presented by Senator Aliyu Wamakko, chair of the Committee on Local and Foreign Debt.<\/p>\n<p>The loan, approximately N1.7 trillion at an exchange rate of N800 to the dollar, will be raised through instruments such as Eurobonds and Sukuk.<\/p>\n<p>Tinubu&#8217;s request was formally submitted to the National Assembly on Tuesday.<\/p>\n<p>The Federal Executive Council (FEC), had outlined the $2.2 billion borrowing plan to bolster the country\u2019s finances and support ongoing economic reforms.<\/p>\n<p>Finance Minister Wale Edun, who also serves as the Coordinating Minister of the Economy, stated that about $1.7 billion will be sourced from the Eurobond offer, with an additional $500 million coming from Sukuk financing.<\/p>\n<p>He further noted that the borrowing will take place within this fiscal year, and the final funding arrangements will depend on market conditions and the guidance of transaction advisers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Patrick Idowu The Senate has approved a $2.2 billion loan request from President Bola Tinubu, which will be used to address the N9.1 trillion deficit in the 2024 budget. The approval came after the Senate considered a report presented by Senator Aliyu Wamakko, chair of the Committee on Local and Foreign Debt. The loan, [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":56635,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-56634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/56634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=56634"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/56634\/revisions"}],"predecessor-version":[{"id":56636,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/56634\/revisions\/56636"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/56635"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=56634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=56634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=56634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}