President Bola Tinubu on Tuesday wrote to the National Assembly seeking the approval of a fresh N1.767tn as a new external borrowing plan in the 2024 appropriation act.
Edum News reports that the president’s request was read by the speaker of the National Assembly, Tajudeen Abbas during plenary today (Tuesday).
According to the President, the loan if approved, will be used to finance the deficit in the 2024 budget.
The President further explained that the request is in line with section 21(1) and 27(1) of the Debt Management Office Act, adding that it has already been approved by the Federal Executive Council (FEC).
It is no news that Nigeria has already recorded a significant rise in its debt profile this year as the Central Bank of Nigeria (CBN) had earlier revealed that the Federal Government spent $3.58bn servicing its foreign debt in the first nine months of 2024.
The CBN also stated that the amount represents a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.
