President Bola Tinubu, on Tuesday, formally requested the approval of the National Assembly for a fresh ₦1.767 trillion loan as part of the 2024 appropriation act.
The President’s letter was presented to Senate President Godswill Akpabio, who directed the Speaker of the National Assembly, Tajudeen Abbas, to read the request during Tuesday’s plenary.
The external loan according to the President would be used to make up for the deficit in the 2024 appropriation bill.
President Tinubu further revealed that the Federal Executive Council (FEC) has already given its approval on the loan.
Backing up his application, the President explained that the request is in line with section 21(1) and 27(1) of the Debt Management Office Act.
News About Nigeria reports that the fresh debt request comes amid Nigeria’s ongoing economic challenges and the country’s existing debt obligations.
In addition to the borrowing plan, President Tinubu forwarded the 2025-2027 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) to the National Assembly for review and approval.
The MTEF, a three-year rolling plan that serves as a framework for annual budgets, was also approved by the FEC last week.
Key highlights of the FEC-approved MTEF include:
Crude oil benchmark: $75 per barrel
Projected oil production: 2.06 million barrels per day (bpd)
Exchange rate parameter: ₦1,400 per dollar
Gross Domestic Product (GDP) growth rate: 6.4%
These projections are expected to guide fiscal policy and government spending in the coming years.
