President Bola Tinubu has written to the National Assembly, seeking approval of a fresh 1.767 trillion naira as new external borrowing plan in the 2024 appropriation act.
If approved, the loan will be used to part-finance the deficit of 9.7trillion naira for the 2024 budget.
The president’s request was read by the speaker during plenary on Tuesday.
The president has also forwarded the Medium Term Expenditure Framework and Fiscal Strategy Paper 2025- 2027 to parliament and the National Social Investment Programme establishment amendment bill, to make the social register the primary tool for the implementation of the federal government’s social welfare programmes.
This is as the Central Bank of Nigeria recently said the Federal Government spent 3.58 billion dollars servicing the country’s foreign debt in the first nine months of 2024.
