President Bola Tinubu, on Tuesday, sought the approval of the Senate and the House of Representatives for a fresh $2.2 billion loan. The president also forwarded the Medium-term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) to the legislators for consideration and approval.

This was contained in letters read on the floor of the Senate and House of Representatives on Tuesday. The Federal Government had proposed N47.9 trillion as the total expenditure in the 2025 budget. Key figures in the proposal include: a crude oil price benchmark of $75 per barrel, an exchange rate of N1, 400 to the dollar, and a gross domestic product (GDP) growth target of 4.6 percent.