President Tinubu seeks approval for fresh $2.2 billion loan
President Bola Ahmed Tinubu has written to the National Assembly seeking approval for a $2.2 billion external loan to help finance the ₦9.7 trillion budget deficit for 2024.
The request was conveyed in a letter read by the Speaker of the House of Representatives, Tajudeen Abbas, during the plenary session on Tuesday.
In addition to the borrowing plan, Tinubu submitted the 2025–2027 Medium-Term Expenditure Framework and Fiscal Strategy Paper for consideration.
These documents outline the government’s fiscal strategies and expenditure projections for the next three years.
The President also proposed an amendment to the National Social Investment Programme Establishment Bill. The amendment aims to prioritize the use of the social register as the central tool for implementing federal welfare programs.
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.”
Similarly, the second letter read, “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.”
