Tinubu writes NASS, seeks fresh approval of N1.767tn loan

President Bola Tinubu, on Tuesday has written to the National Assembly, seeking approval of a fresh N1.767tn as a new external borrowing plan in the 2024 appropriation act.

If approved, the loan will be used to part-finance the budget deficit of N9.7tn for the 2024 budget.

The president’s request was read by the speaker during plenary on Tuesday.

The president has also forwarded the MTEF/ FSP 2025- 2027 to parliament 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.

This development comes amid growing concerns over Nigeria’s rising debt servicing costs.

The Central Bank of Nigeria (CBN) revealed that the country spent $3.58 billion on servicing foreign debt in the first nine months of 2024.

While Nigeria faces growing financial pressures, the government is seeking external funding to manage its budgetary needs while addressing the economic challenges posed by its debt obligations.