President Bola Tinubu has formally requested the National Assembly's approval for a new external borrowing plan amounting to ₦1.767 trillion as part of the 2024 appropriation act.
The loan, based on an exchange rate of ₦800 to $1, is intended to help finance a projected budget deficit of ₦9.7 trillion.
The president’s request was read by Speaker Tajudeen Abbass during Tuesday, November 19, plenary. This proposal comes days after the Federal Executive Council (FEC) approved a $2.2 billion borrowing plan tied to the same budget.
If approved, the latest borrowing will push Nigeria’s external debt to an estimated $45.1 billion by the end of 2024.
This adds to concerns as the Central Bank of Nigeria (CBN) recently disclosed that $3.58 billion was spent servicing the country's foreign debt in the first nine months of 2024. This represents a 39.77% increase compared to $2.56 billion within the same period in 2023.
“The external loan is critical for plugging the gaps in the 2024 budget,” Tinubu argued, urging lawmakers to expedite approval.
In another letter, the president sought amendments to the National Social Investment Agency Act to make the social register the primary database for federal welfare initiatives.
“This amendment will enhance transparency and efficiency in implementing social programmes,” Tinubu stated.
As external debt servicing remains a pressing concern, experts warn that this new borrowing could further strain Nigeria’s fiscal stability. Lawmakers are expected to deliberate on the request in the coming days.
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