Tinubu writes National Assembly on fresh request

Reports reaching the OsunReporters News confirmed that President Bola Tinubu has written to the National Assembly, seeking approval of a fresh N1.767tn as a new external borrowing plan in the 2024 appropriation act.

The president’s request was read by the speaker during plenary on Tuesday.

____According to reports, the loan will be used to part-finance the budget deficit of N9.7tn for the 2024 budget if approved.

The president has also forwarded the MTEF/ FSP 2025- 2027 to parliament and the National Social Investment Programme establishment amendment bill, to make,,,,,,,,,the social register the primary tool for the implementation of the federal government’s social welfare programmes.

____This development comes amid growing concerns over Nigeria’s rising debt servicing costs.

The Central Bank of Nigeria (CBN) revealed that the country spent $3.58 billion on servicing foreign debt in the first nine months of 2024.

______While Nigeria faces growing financial pressures, the government is seeking external funding to manage its budgetary needs…….while addressing the economic challenges posed by its debt obligations.