President Bola Tinubu has written to the National Assembly requesting to borrow additional $2.209 billion from foreign creditors to finance the yawning deficit in the fiscal 2024 budget.
The President’s request, which was conveyed in a letter read by the Speaker of the House of Representatives, Hon. Abbas Tajudeen, during the Green Chamber’s plenary on Tuesday, indicated that the loan request stated was in line with section 21(1) and 27(1) of the Debt Management Office Act, adding that the request had been approved by the Federal Executive Council (FEC).
The letter reads in part: “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”, Tinubu added.
Also, the President forwarded the 2025- 2027 Medium-Term Expenditure Framework and the Fiscal Strategy Paper to the National Assembly for consideration and approval.
The second letter reads: “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”, it added.
Tinubu also sent 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.
It would be recalled that the FEC had at its meeting held last Thursday approved the $2.2bn external borrowing plan by the Executive.
