President Bola Tinubu has requested the National Assembly’s approval for a new external borrowing plan of ₦1.767 trillion as part of the 2024 Appropriation Act. The loan is based on an exchange rate of ₦800 to $1.
The request, read by Speaker Tajudeen Abbass during Tuesday’s plenary, aims to partially finance the ₦9.7 trillion budget deficit for 2024.
Additionally, Tinubu submitted the 2025-2027 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) and proposed an amendment to the National Social Investment Programme Establishment Act to prioritize the social register as the main tool for implementing welfare programs.
Last Thursday, the Federal Executive Council approved a $2.2 billion external borrowing plan to fund the 2024 budget. If approved, Nigeria’s external debt could rise to $45.1 billion by the end of 2024.
Meanwhile, the Central Bank of Nigeria revealed that $3.58 billion was spent servicing foreign debt in the first nine months of 2024, a 39.77% increase compared to $2.56 billion during the same period in 2023. The highest monthly debt servicing in 2024 was $854.37 million in May, compared to $641.70 million in July 2023.
State and Federal Capital Territory external debt also rose from $4.61 billion to $4.89 billion during the review period.
In a separate letter, Tinubu asked the Senate to amend the National Social Investment Agency Act, making the social register the primary source of data for all investment programs.
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