President Bola Tinubu has formally requested the National Assembly’s approval for a $2.2 billion external loan to help address the N9.7 trillion budget deficit in the 2024 Appropriation Act.
The request was presented in a letter read by the Speaker of the House of Representatives, Tajudeen Abbas, during Tuesday’s plenary session.
According to the letter, the loan will be secured through a Eurobond of $1.7 billion and an additional $500 million via Sukuk financing. Tinubu emphasized that this borrowing is already accounted for in the 2024 budget and aims to part-finance the significant fiscal gap.
The President also submitted the 2025–2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the legislature, seeking approval to guide the preparation of the 2025 federal budget.
In a related move, Tinubu forwarded an amendment bill to the National Social Investment Programme Establishment Act, proposing that the social register becomes the main tool for implementing social welfare initiatives.
The Federal Executive Council had approved the external borrowing plan last week, clearing the way for its legislative consideration. Tinubu urged the National Assembly to expedite approval of both the loan and the MTEF/FSP to ensure timely implementation.
