Tinubu Seeks Senate Approval for N1.77tn External Borrowing

Abuja – President Bola Tinubu has formally requested the Senate’s approval for a fresh external loan of N1.77 trillion.

According to the president, the loan is intended to help bridge the N9.7 trillion budget deficit in the 2024 fiscal plan.

In addition to the loan request, President Tinubu submitted the 2025–2027 Mid-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate.

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He also forwarded the National Social Investment Programme (NSIP) Amendment Bill, which seeks to establish the social register as the primary tool for implementing the federal government’s social welfare programs.

The letters from the president were read during Tuesday’s plenary session by Senate President Godswill Akpabio.

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