Nigeria’s President Bola Tinubu has formally requested the approval of the National Assembly to secure a N1.767 trillion loan.
The president in his request said the loan – from external sources – will help address the 2024 budget deficit.
A letter from the president was sent to the National Assembly and read on the floor of the plenary by the Speaker of the House of Representatives, Abbas Tajudeen.
At the plenary on Tuesday, November 19, 2024, President Tinubu in his letter noted that the loan would support financing the budget shortfall for the upcoming year.
The President said that the request aligns with Section 21(1) and 27(1) of the Debt Management Office Act and confirmed that it has received the Federal Executive Council’s (FEC) approval.
If approved, the loan will be used to part-finance the budget deficit of N9.7 trillion for the 2024 budget, the letter added.
