President Bola Ahmed Tinubu has formally requested the National Assembly’s approval for a fresh external loan of $2.209 billion (approximately ₦1.767 trillion). This borrowing is part of Nigeria’s financial strategy to tackle the ₦9.17 trillion fiscal deficit outlined in the 2024 budget.
The President’s letter, addressed to Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas, was presented during a recent plenary session.
Tinubu stated that the request complies with Sections 21(1) and 27(1) of the Debt Management Office (DMO) Establishment Act, 2003. The loan, already endorsed by the Federal Executive Council (FEC), is expected to be raised through Eurobonds or other external financing mechanisms.
In addition to the loan request, President Tinubu submitted the 2025–2027 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for parliamentary approval. This document, approved by FEC earlier in November, outlines Nigeria’s fiscal strategy and expenditure plans over the next three years.
The Senate referred the MTEF/FSP to the Committee on Finance and National and Economic Planning, chaired by Senator Sani Musa, for expedited review. Meanwhile, the borrowing request was directed to the Committee on Local and Foreign Debts, led by Senator Aliyu Wamako, with a directive to provide a report within 24 hours.
In his letter, Tinubu emphasized the urgency of legislative approval, citing its importance for ensuring smooth execution of the 2024 budget. The letter also included detailed terms for the proposed loan to guide lawmakers in their decision-making process.
