President Bola Tinubu has requested the National Assembly’s approval for a new external loan of $2.2 billion as part of the 2024 budget’s financing plan. The request was outlined in a letter read by Speaker of the House of Representatives, Tajudeen Abbas, during Tuesday’s plenary session.
The proposed loan aims to partially fund the N9.7 trillion deficit in the 2024 budget. Additionally, Tinubu submitted the 2025-2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for legislative review and approval, which will guide future budget parameters.
In a related move, President Tinubu also submitted an amendment bill to the National Social Investment Programme, proposing to establish the social register as the primary database for implementing federal welfare initiatives.
The President’s letter specifies that the external financing package includes a Eurobond issuance of approximately $1.7 billion and $500 million from Sukuk financing. This new loan plan had previously received the Federal Executive Council’s approval last Thursday.