- The loan will be used to partly finance the budget deficit of N9.7trn in the 2024 budget
President Bola Tinubu has written to the National Assembly to approve a fresh N1.767 trillion as a new external borrowing plan in the 2024 appropriation act.
The loan, if approved will be used to partly finance the budget deficit of N9.7trn in the 2024 budget.
The president’s request was contained in a letter written to both Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas, which was read separately by the presiding officers during plenary in both chambers on Tuesday.
President Tinubu has also forwarded the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) 2025-2027 to the National Assembly 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.
Recall that the federal government had last week Thursday approved a $2.2billion external borrowing plan to strengthen the country’s finances and support economic reforms.
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