Tinubu writes NASS, seeks approval for N1.77tn fresh borrowing
The Speaker of House of Representatives, Tajudeen Abbas, read the President’s request during plenary on Tuesday.
The loan, if approved, will be devoted to partially funding the ₦9.7 trillion budget deficit in the 2024 Appropriation Act.
The President also submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025-2027 and the National Social Investment Programme Establishment Amendment Bill to the parliament.
Mr Tinubu’s request comes amid growing pressures on the country’s external debt burden.
Meanwhile, reports indicated that Nigeria’s external debt is set for significant growth, with projections indicating a surge to $45.1 billion by the close of 2024.
According to the Debt Management Office, the country’s external debt stock climbed to $780 million in the second quarter of 2024, from $42.12 billion in March to $42.9 billion in June.
A recent report by the Central Bank of Nigeria also indicated that the Federal Government spent $3.58 billion to service the country’s foreign debt in the first nine months of 2024.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Health
Cosmetics, food, beverages account for 50% of counterfeit products: NAFDAC
She said the percentage was based on the volume of counterfeit and fake cosmetics, food and beverages confiscated.
Heading 2
Nasarawa: Police begin crackdown on vehicles with covered, fake number plates
Mr Nansel warned that owners and drivers of offending vehicles would face the full weight of the law.
NationWide
FG pushes full DSO implementation to unlock jobs, investments
The project aims to improve broadcast quality and boost the digital economy.
Diaspora
God cleared me of corruption charges: Diezani
She said the ruling marked the end of 11 years of torment.
Abuja
Court remands corps member over alleged assault on neighbour
The defendant, however, pleaded not guilty to the charge.
NationWide
Nigeria’s transport system requires urgent, predictive, integrated solutions: CILT
He said that lack of policy continuity would make Nigeria’s transport sector to be constrained.
