President Bola Tinubu has requested the National Assembly’s approval for a new N1.767 trillion external loan to partly fund the N9.7 trillion deficit in the 2024 budget. In a letter to Senate President Godswill Akpabio and Speaker Tajudeen Abbas, Tinubu outlined plans to raise the funds through Eurobonds, Sovereign Sukuk, or Bridge Finance/Syndicated Loans, with a focus on Eurobonds for their cost-effectiveness and speed.
The funds will support critical sectors, including power, transport, agriculture, and defense, while also bolstering external reserves to stabilize the Naira. Additionally, Tinubu submitted the Medium Term Expenditure Framework and Fiscal Strategy Paper for 2025–2027 and a bill to amend the National Social Investment Programme, emphasizing the use of the social register for welfare programs.
The move aligns with the Debt Management Office Act and follows last week’s approval of a $2.2 billion external borrowing plan by the Federal Executive Council.
