President Bola Tinubu has formally requested approval from Nigeria’s National Assembly for an external loan of $2.209 billion (₦1.767 trillion) as part of the country’s 2024 budget financing.
This borrowing plan aims to address a portion of the ₦9.17 trillion fiscal deficit outlined in the 2024 Appropriation Act.
In a letter to the Senate and the House of Representatives, President Tinubu explained that the loan, which will be raised through Eurobonds or other external borrowing instruments, is a key component of Nigeria’s broader fiscal strategy.
The request aligns with the provisions of the Debt Management Office (DMO) Establishment Act, 2003, and has already been approved by the Federal Executive Council (FEC).
In addition to the borrowing request, the President also forwarded the 2025–2027 Mid-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), which had been approved by the Federal Executive Council on November 10, 2024, to the National Assembly.
The Senate has been urged to expedite the passage of the MTEF/FSP, and it has been referred to the Senate Committees on Finance and National and Economic Planning.
To expedite the process, the President appealed for swift legislative action, emphasizing the need for the National Assembly’s approval to implement the borrowing plan and ensure effective execution of the 2024 budget.
Senate President Godswill Akpabio has referred the matter to the Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamako, with instructions to report back within 24 hours.
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