President Bola Tinubu seeks Senate approval to borrow $5 billion from Abu Dhabi Bank to finance budget deficit, as lawmakers resume from Eid-el-Fitr break.
There is also a request from him for $1 billion UK Export Finance facility through Citi Bank for Lagos Port and Tin Can Island rehabilitation, following his recent state visit to Britain.
President Tinubu is seeking an increase of N9 trillion in 2026 budget, raising the proposal he presented to the National Assembly in December last year from N58.4 trillion to N67.4 trillion.
Meanwhile,the Senate has extended the validity of 2025 budget from March 31 to June 2026. Lawmakers also received the 2023 audited accounts of the federation, and forwarded the report to Public Accounts Committee for scrutiny.
The Senate has directed the Independent National Electoral Commission, INEC to restore two state constituencies in Benue State following the judgement of the Court of Appeal. These are the Ukum Il (Afia) and Konshisha II (Ishanger-Tiev) State Constituencies.
In other businesses of the day, the Senate tasked the police and the military to track down and arrest perpetrators of the recent killings in the Angwan Rukuba area of Jos North LGA of Plateau State, North-Central Nigeria.
The lawmakers also urged the National Emergency Management Agency, NEMA to provide relief materials to affected communities in Osun State following rainstorm in the capital Osogbo that claimed two lives.
The strength of the ruling All Progressives Congress, in the Senate has risen to 89 as senator representing Niger South, Peter Jiya defects from the Peoples Democratic Party, PDP.
The composition of the Senate is now APC 89 lawmakers, ADC nine, PDP four, and one each for APGA, NDC, NNPP and Accord Party.
(Editor: Terverr Tyav)
