President Bola Tinubu has sought the approval of the Senate and the House of Representatives to obtain a new external borrowing of $2.209 billion (₦1.767 trillion), as provided for in the 2024 Appropriation Act.
The President stated in a letter to both houses that the request to address a portion of the ₦9.17 trillion fiscal deficit in the 2024 budget was part of Nigeria’s budgetary financing plan.
The 2025–2027 Mid-Term Expenditure Frame Work and Fiscal Strategy Paper (FSP), MTEF/FSP 2025–2027 approved by FEC on November 10, 2024, was also forwarded to the parliament for approval.
The MTEF/FSP request, which seeks expeditious passage, was referred to Senator Sani Musa, APC, Niger East-led Senate Committees on Finance and National and Economic Planning to report back as soon as practicable.
The President’s letter, addressed to the President of the Senate, Senator Godswill Akpabio, and the Speaker, House of Representatives, Tajudeen Abbas, during plenary, highlighted that the request was in line with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (DMO) Establishment Act, 2003. The borrowing plan had already been approved by the Federal Executive Council (FEC).
The letter also provided detailed terms and conditions for the issuance of Eurobonds in the international capital market to raise the required sum, and also indicated Terms and Conditions are detailed in an attached summary to guide the Senate’s review.
The President appealed for swift legislative action, emphasising the importance of timely resolution to implement the borrowing plan.
The Honourable Minister of Finance and Coordinating Minister of the Economy, alongside the DMO, has however, been auntorised by the President to take all necessary steps to execute the plan upon approval by the National Assembly.
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