President Bola Tinubu has requested the National Assembly’s approval for a fresh external borrowing plan of N1.767 trillion ($2.209 billion) as part of the 2024 appropriation act.
The loan, if approved, will help finance a N9.7 trillion budget deficit.
The president also presented the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) 2025–2027, alongside a bill to amend the National Social Investment Programme for enhanced social welfare implementation.
This development comes as the Central Bank of Nigeria (CBN) revealed that $3.58 billion was spent on servicing foreign debts in the first nine months of 2024, a 39.77% rise from $2.56 billion in the same period last year.