By Uche Onyeali
President Bola Tinubu has written the National Assembly seeking the approval of fresh $2.2 billion as a new external borrowing plan in the 2024 Appropriation Act.
According to the president in a letter read during plenary yesterday by the Speaker of the House of Representatives, Tajudeen Abbas, if approved, the loan will be used to part-finance the budget deficit of N9.7trillion for the 2024 budget.
Tinubu also forwarded the 2025-2027 Medium-Term Expenditure Framework, MTEF, and the Fiscal Strategy Paper, FSP, to the National Assembly for consideration and approval.
The president also sent 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.
The president’s letter reads in part: “Request for the resolution of the National Assembly for the implementation of the new external borrowing of N1,767,102,179.00, that is about $2.209bn already enshrined in the 2024 Appropriation Act.
“In accordance with the provisions of Sections 21 and 27 Subsection 1, the Debt Management Office Establishment Act 2003 and the approval of the Federal Executive Council, I write to request for a resolution of the National Assembly to raise the sum of $2.2 09bn.
“The new external borrowing enshrined in the 2024 Appropriations Act, part financed the budget to about $9.17 trillion.
“A Euro bond of about $1.7bn and Sukuk financing of another $500m will makeup the financing.”
Similarly, the second letter reads, “Please receive the 2025-2027 MTF and FSP approved during the Federal Executive Council meeting on November 10.
“The Senate is invited to note that as the 2025 budget of the Federal Government of Nigeria will be prepared based on the parameters and fiscal assumptions of the approved 2025-2027 MTF and FSP, it is imperative to seek the National Assembly’s expeditious legislative action in this submission.
“I trust that the House of Representatives will consider the passage of this submission expeditiously.”
It would be recalled that the Federal Executive Council approved the $2.2billion external borrowing plan last week Thursday.
