President Bola Tinubu has formally requested approval from the Senate and House of Representatives for an external borrowing of $2.209 billion (₦1.767 trillion) as part of the 2024 Appropriation Act. The request aims to address part of Nigeria’s ₦9.17 trillion fiscal deficit in the 2024 budget.
In his letter to Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas, Tinubu stated that the borrowing is aligned with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (DMO) Establishment Act, 2003. The borrowing plan, approved earlier by the Federal Executive Council (FEC), outlines the issuance of Eurobonds in the international capital market to raise the required funds.
The President also forwarded the **2025–2027 Mid-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP)** to the Senate for review. The document, approved by the FEC on November 10, 2024, seeks expeditious legislative approval and has been referred to the Senate Committees on Finance and National and Economic Planning, led by Senator Sani Musa (APC, Niger East).
During plenary, Senate President Akpabio further referred the borrowing request to the Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamako (APC, Sokoto), with instructions to provide a report within 24 hours.
President Tinubu highlighted the urgency of the approval to facilitate the smooth implementation of the 2024 budget. He authorised the Minister of Finance and Coordinating Minister of the Economy, alongside the DMO, to execute the borrowing plan upon approval by the National Assembly.
The President stressed that the borrowing would provide critical funding for the 2024 budget and outlined the terms and conditions of the plan in an attached summary for legislative review. He urged the National Assembly to act swiftly to ensure timely execution of the fiscal strategy.
