President Bola Tinubu has submitted a request to the National Assembly for approval of a new external borrowing plan amounting to N1.767 trillion to help finance the 2024 Budget. This loan is intended to partially cover a budget deficit of N9.7 trillion that has been projected for the year.
The details of the request were communicated in a letter directed to Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas. The letter was read during the plenary sessions in both chambers of the National Assembly on Tuesday.
Additionally, President Tinubu has presented the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for the years 2025-2027. He has also forwarded the National Social Investment Programme Establishment Amendment Bill to the legislature, which aims to establish the social register as the principal mechanism for implementing the federal government’s social welfare initiatives.
It is noteworthy that just last week, the federal government approved a separate plan for borrowing $2.2 billion to bolster the nation’s financial position and support ongoing economic reforms.