President Bola Tinubu has formally requested the National Assembly’s approval for a fresh external loan of $2.2 billion to help finance Nigeria’s budget deficit for 2024.
The President’s request was read out by the Speaker of the House of Representatives, Tajudeen Abbas, during Tuesday’s plenary session.
According to the letter, the loan is part of the overall $9.7 trillion deficit outlined in the 2024 Appropriation Act.
If approved, the $2.2 billion loan will contribute to bridging this gap, with the financing to be sourced through a combination of a $1.7 billion Euro bond and $500 million in Sukuk funding.
In addition to the loan request, President Tinubu also submitted the 2025-2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the National Assembly’s consideration and approval.
These documents will serve as the foundation for the preparation of the 2025 federal budget, based on the fiscal assumptions and parameters outlined within the framework.
The third document presented by the President is the National Social Investment Programme Establishment Amendment Bill, which seeks to make the social register the primary tool for the implementation of federal social welfare programs.
In his communication to lawmakers, Tinubu stressed the importance of swift legislative action on these matters, particularly the approval of the MTEF and FSP, as they are crucial for the timely preparation of the 2025 budget.
He expressed confidence that the National Assembly would handle these requests expediently to ensure the government’s fiscal plans move forward smoothly.
