The Senate has approved President Bola Tinubu’s request for a ₦1.77 trillion ($2.2 billion) loan following a voice vote. The approval was granted during a session presided over by Deputy Senate President Barau Jibrin, after the Senate Committee on Local and Foreign Debts, chaired by Senator Wammako Magatarkada (APC, Sokoto North), presented its report.

The loan request, submitted by the President earlier in the week, is part of a new external borrowing plan aimed at partially covering the ₦9.7 trillion budget deficit projected for the 2024 fiscal year. Tinubu’s letter to the National Assembly sought approval for this borrowing under the 2024 Appropriation Act.

This additional loan is expected to further increase the Federal Government’s debt servicing costs. Recent data from the Central Bank of Nigeria (CBN) revealed that $3.58 billion was spent on servicing foreign debt in the first nine months of 2024, a 39.77% rise compared to $2.56 billion during the same period in 2023.

The CBN’s international payment statistics highlight the escalating cost of Nigeria’s debt obligations. For instance, debt servicing payments in January 2024 surged by 398.89% to $560.52 million, compared to $112.35 million in January 2023. Similarly, May 2024 recorded the highest monthly payment of $854.37 million, a 286.52% increase from $221.05 million in May 2023.

Conversely, some months saw slight declines. February 2024 recorded a 1.84% decrease in debt servicing costs, while June 2024 saw a 6.51% drop. However, September 2024 recorded a 17.49% increase, with payments rising to $515.81 million from $439.06 million the previous year.

This trend underscores the growing pressure of Nigeria’s foreign debt obligations, further exacerbated by rising exchange rates, sparking concerns about the sustainability of the nation’s debt burden.

RELATED: Tinubu Seeks NASS Approval for ₦1.77 Trillion New External Loan

The Nigerian Senate has officially removed Danladi Umar, Chairman of the Code of Conduct Tribunal (CCT), from office following a two-thirds majority vote in favor of the resolution.

The motion for his removal was sponsored by Senate Leader Michael Opeyemi Bamidele, citing constitutional provisions under Section 157(1) of the 1999 Constitution as amended.

Bamidele outlined several allegations against Umar, stating, “The Senate has received numerous petitions and allegations of corruption and misconduct against the Chairman. This prompted the 9th Senate to invite him for a series of investigative hearings through the Senate Committee on Ethics, Code of Conduct, and Public Petitions.”

Additional accusations included absenteeism from office for over a month without proper authorization or recusal, which further fueled concerns about his conduct. Bamidele also noted that these issues led President Bola Tinubu to nominate Abdullahi Usman Bello as Umar’s replacement.

During the plenary session, Senate President Godswill Obot Akpabio presented the motion for a vote. Out of 109 Senators, 74 voted in favor of Umar's removal, while 10 opposed the motion.

The Senate subsequently passed a resolution to remove Umar from his position, and Akpabio directed the Clerk of the Senate to formally communicate the decision to the presidency in compliance with legal procedures.

The removal marks a significant step in addressing allegations of misconduct within the Nigerian judiciary system, with lawmakers reaffirming their commitment to upholding accountability and integrity.