Tinubu seeks National Assemby’s approval for $2.2bn fresh external loan
President Bola Tinubu has sent a letter to the National Assembly to request approval of a fresh $2.2bn as a new external borrowing plan in the 2024 Appropriation Act.
The letter was read on Tuesday, by the Speaker of the House of Representatives, Tajudeen Abbas, during plenary.
If approved, the loan will be used to part-finance the budget deficit of N9.7tn for the 2024 budget.
The President has also forwarded the 2025- 2027 Medium-Term Expenditure Framework and the Fiscal Strategy Paper to the National Assembly for consideration and approval.
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.
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.”
Full Story: https://www.kemifilani.ng/news/tinubu-seeks-national-assembys-approval-for-2-2bn-fresh-external-loan
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