President Bola Tinubu has requested the National Assembly’s approval for a new external loan of N1.767 trillion as part of the 2024 budget implementation.
This loan would help cover part of the N9.7 trillion budget deficit for 2024.
The Speaker presented the president’s request during Tuesday’s plenary session.
Along with the loan request, President Tinubu submitted two additional items to parliament:
– The Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) for 2025-2027
– An amendment bill for the National Social Investment Programme, which aims to establish the social register as the main tool for implementing federal social welfare programs
This request comes at a time when, according to the Central Bank of Nigeria, the Federal Government has already spent $3.58 billion on foreign debt servicing in the first nine months of 2024.
