*Writes NASS to approve loan to part fund 2024 budget deficit
*Submits 2025-2027 MTEF and FSP approved by Federal Executive Council
*Says request for fresh loan in accordance with provisions of DMO Establishment Act
*Asks NASS to expedite action on his submissions as 2025 budget will be based on MTEF
By Aaron Ossai and Okechukwu Jombo
Despite criticisms that had trailed Nigeria’s high debt profile, President Bola Tinubu yesterday wrote to the National Assembly seeking approval of a fresh $2.2 billion external loan to fund the 2024 Appropriation Act deficit of about N9.7 trillion.
Tinubu’s letter requesting for the loan was read on the floor of the House of Representatives by the Speaker, Hon. Tajudeen Abbas during yesterday’s plenary session.
In a related development, the President also forwarded the 2025 – 2027 Medium-Term Expenditure Frameworks and the Fiscal Strategy Paper to the National Assembly for consideration.
He also sent 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.
“Request for the resolution of the National Assembly for the implementation of the new external borrowing of N1, 767,102,179.00, that is about $2.209bn already enshrined in the 2024 Appropriation Act.
“In accordance with the provisions of Sections 21 and 27 Subsection 1, the Debt Management Office established Act 2003 and the approval of the Federal Executive Council, I write the request for a resolution of the National Assembly to raise the sum of $2.2 09bn.
“The new external borrowing enshrined in the 2024 Appropriations Act, partly financed the budget to about $9.17 trillion.
“A Euro bond of about $1.7bn and Sukuk financing of another $500m is the actual makeup of the financing”, the letter read.
The second letter reads: “Please receive the 2025-2027 MTF and FSP approved during the Federal Executive Council meeting on the 10th day of November 2024.
“The Senate is invited to note that as the 2025 budget of the Federal Government of Nigeria will be prepared based on the parameters and fiscal assumptions of the approved 2025-2027 MTF and FSP, it is imperative to seek the National Assembly’s expeditious legislative action in this submission.
“I trust that the House of Representatives will consider the passage of this submission expeditiously.”