President Bola Tinubu has sought the National Assembly’s approval for a new external borrowing plan of N1.767 trillion to partially address the N9.7 trillion deficit in the 2024 budget.
In a letter addressed to Senate President Godswill Akpabio and House Speaker Tajudeen Abbas, Tinubu outlined financing options, including Eurobonds, Sovereign Sukuk, and syndicated loans. He emphasized Eurobonds for their speed and cost-effectiveness.
The funds, once approved, will support critical sectors such as power, transport, agriculture, and defense, while also stabilizing the naira by boosting external reserves through deposits at the Central Bank of Nigeria.
The Federal Executive Council has endorsed the plan, which aligns with the Debt Management Office Act. Tinubu also forwarded the 2025–2027 Medium Term Expenditure Framework and Fiscal Strategy Paper, alongside a bill to amend the National Social Investment Programme for enhanced welfare interventions.
