President Bola Tinubu has written to the National Assembly requesting approval for a new $2.2 billion foreign borrowing plan in the 2024 Appropriation Act.
The president’s request was contained in a letter read by Tajudeen Abbas, Speaker of the House of Representatives, at Tuesday’s plenary.
If approved, the loan will be used to partially fund the N9.7 trillion budget shortfall for fiscal year 2024.
The President has also sent the 2025–2027 Medium-Term Expenditure Framework and Fiscal Strategy Paper to the National Assembly for review and approval.
Tinubu also introduced the National Social Investment Programme Establishment Amendment Bill, which would make the social register the principal mechanism for implementing the Federal Government’s social welfare policies.
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 with 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 is the actual makeup of the financing.”
Similarly, the second letter read, “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.”
