President Bola Tinubu has formally requested the National Assembly to approve an external borrowing of $2.209 billion (N1.767 trillion) as outlined in the 2024 Appropriation Act.
This borrowing plan aims to address a portion of Nigeria’s N9.17 trillion fiscal deficit in the 2024 budget.
The President also submitted the 2025-2027 Mid-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) to the Senate for expedited passage.
Senator Sani Musa’s Senate Committees on Finance and National and Economic Planning will review the request.
In his letter to Senate President Godswill Akpabio and House Speaker, Tajudeen Abbas, Tinubu emphasized that the request aligns with the Debt Management Office (DMO) Establishment Act, 2003.
READ ALSO: World Bank Approves $1.57bn Loan For Nigeria
Meanwhile, the Federal Executive Council (FEC) has already approved the borrowing plan.
President Tinubu authorized the Minister of Finance and the DMO to execute the plan after National Assembly approval.
He explained that the $2.209 billion will be raised through Eurobonds or external borrowing instruments to finance the 2024 budget deficit.
Akpabio referred the matter to Senator Aliyu Wamako’s Committee on Local and Foreign Debts, with instructions to report back within 24 hours.
Information Nigeria reports that Nigeria’s public debt has been rising, with the country’s total debt stock increasing by N24.33 trillion in the first quarter of 2023 to N121.67 trillion.
The post Tinubu Seeks National Assembly’s Approval For $2.209 Billion External Borrowing appeared first on Information Nigeria.
Last modified: November 20, 2024
