The Nigerian Senate has confirmed approval from 30 states for a budget bill, setting a deadline for the remaining six states to finalize their resolutions. The Senate has given the outstanding states until November 19 to submit their resolutions. The bill will then be transmitted to President Bola Tinubu for his assent.
President Tinubu has also sought Senate approval for a $7.7 billion external loan to address the 2026 budget deficit. The request, valued at N10.79 trillion, aims to finance part of the Federal Government’s N20.2 trillion budget shortfall. The Senate is expected to review the loan proposal as part of its legislative agenda.
The budget bill and loan request are part of ongoing efforts to address fiscal challenges. The Senate’s approval of 30 states marks progress in the legislative process, though the remaining states must complete their formalities by the set deadline. The timeline reflects the urgency of finalizing the budget before the new fiscal year begins.
This development comes amid broader discussions on economic reforms and fiscal management. The Senate’s role in approving both the budget and the external loan underscores its critical function in shaping national financial policy. The next steps will depend on the timely submission of the remaining states’ resolutions and the Senate’s subsequent deliberations on the loan proposal.
