President Bola Tinubu has officially requested the approval of the National Assembly for a new external borrowing plan amounting to N1.767 trillion (approximately $2.209 billion) to be included in the 2024 appropriation act.
If the proposed external borrowing plan is approved, the N1.767 trillion loans will be utilized to partly cover the N9.7 trillion deficits in the 2024 budget
The request from President Tinubu was formally communicated to the National Assembly and read aloud by the Speaker of the House during Tuesday’s plenary session.
The President also transmitted to the National Assembly the 2025-2027 Medium-Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP), seeking the legislature’s review and approval
In addition to the MTEF and FSP, President Tinubu has submitted the National Social Investment Programme (NSIP) Establishment Amendment Bill, with the aim of making the social register the primary instrument for the efficient and effective implementation of federal social welfare programs.
The letter read in parts, “Request for the resolution of the National Assembly for the implementation of the new external borrowing of N1,767,102,179.00, that is about $2.209bn already enshrined in the 2024 Appropriation Act.
“In accordance with the provisions of Sections 21 and 27 Subsection 1, the Debt Management Office established Act 2003 and the approval of the Federal Executive Council, I write the request for a resolution of the National Assembly to raise the sum of $2.2 09bn.
“The new external borrowing enshrined in the 2024 Appropriations Act, part financed the budget to about $9.17 trillion.
“A Euro bond of about $1.7bn and Sukuk financing of another $500m, the actual makeup of the financing.”
In the second letter addressed to the National Assembly, President Bola Tinubu stated, “Please receive the 2025-2027 MTF and FSP approved during the Federal Executive Council meeting on the 10th day of November 2024.
“The Senate is invited to note that as the 2025 budget of the Federal Government of Nigeria will be prepared based on the parameters and fiscal assumptions of the approved 2025-2027 MTF and FSP, it is imperative to seek the National Assembly’s expeditious legislative action in this submission.
“I trust that the House of Representatives will consider the passage of this submission expeditiously.”
