Tinubu writes NASS, seeks approval for N1.77tn fresh borrowing
The Speaker of House of Representatives, Tajudeen Abbas, read the President’s request during plenary on Tuesday.
The loan, if approved, will be devoted to partially funding the ₦9.7 trillion budget deficit in the 2024 Appropriation Act.
The President also submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025-2027 and the National Social Investment Programme Establishment Amendment Bill to the parliament.
Mr Tinubu’s request comes amid growing pressures on the country’s external debt burden.
Meanwhile, reports indicated that Nigeria’s external debt is set for significant growth, with projections indicating a surge to $45.1 billion by the close of 2024.
According to the Debt Management Office, the country’s external debt stock climbed to $780 million in the second quarter of 2024, from $42.12 billion in March to $42.9 billion in June.
A recent report by the Central Bank of Nigeria also indicated that the Federal Government spent $3.58 billion to service the country’s foreign debt in the first nine months of 2024.
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