President Bola Tinubu has requested the National Assembly’s approval for a fresh $2.2 billion external loan to support the 2024 Appropriation Act.
The request was outlined in a letter read by the Speaker of the House of Representatives, Tajudeen Abbas, during Tuesday’s plenary session. If approved, the loan will contribute to financing the N9.7 trillion budget deficit for the 2024 fiscal year.
In addition to the loan request, the President submitted the 2025–2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for legislative consideration and approval.
Tinubu also proposed the National Social Investment Programme Establishment Amendment Bill, aiming to designate the social register as the primary tool for implementing the Federal Government’s social welfare initiatives.
Further updates are expected as the National Assembly deliberates on the proposals.
