Abuja, Nigeria — President Bola Tinubu has formally requested the National Assembly’s approval for external borrowing of $2.209 billion (N1.767 trillion) to address the fiscal deficit outlined in Nigeria’s 2024 Appropriation Act. The borrowing is part of the government’s strategy to finance a N9.17 trillion shortfall in the 2024 budget.
In a letter addressed to Senate President Godswill Akpabio and House Speaker Tajudeen Abbas on Tuesday at the plenary, President Tinubu outlined the terms of the borrowing, which will involve raising funds through Eurobonds or other external instruments in the international capital market. The request adheres to the provisions of the Debt Management Office (DMO) Establishment Act, 2003, specifically Sections 21(1) and 27(1).
President Tinubu emphasized the urgency of the matter, urging lawmakers to expedite their deliberations to ensure timely implementation of the borrowing plan. He authorized the Minister of Finance and the DMO to execute the proposal once the National Assembly grants its approval.
The Federal Executive Council (FEC) had already approved the borrowing plan, which aims to stabilize Nigeria’s economic landscape by supporting critical budgetary obligations.
In addition to the borrowing request, the President submitted the 2025–2027 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) to the Senate. Approved by the FEC on November 10, 2024, the MTEF/FSP document lays out Nigeria’s fiscal and economic priorities for the next three years.
The Senate referred the MTEF/FSP document to its Committees on Finance and National and Economic Planning, tasking them to provide a report as soon as possible. Lawmakers are expected to assess both requests within the broader context of Nigeria’s fiscal sustainability.
President Tinubu reiterated the need for swift legislative action, stressing that the proposed borrowing is a critical component of Nigeria’s budgetary and fiscal strategy.
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