President Bola Ahmed Tinubu has formally requested the National Assembly to approve an external borrowing of $2.209 billion (approximately ₦1.767 trillion). This request is aimed at addressing part of the ₦9.179 trillion fiscal deficit outlined in Nigeria’s 2024 budget. The proposal aligns with the provisions of the 2024 Appropriation Act and the Debt Management Office (DMO) Establishment Act, 2003.
In a letter addressed to Senate President Godswill Akpabio and House Speaker Tajudeen Abbas, President Tinubu emphasized the critical role this borrowing will play in ensuring the successful implementation of the 2024 budget. He also submitted the 2025-2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for legislative consideration and approval.
The funds are expected to be raised through external instruments such as Eurobonds and Sukuk bonds, which have been approved by the Federal Executive Council. Minister of Finance Wale Edun described this financing plan as essential for supporting the country’s economic recovery and development goals【59†source】【60†source】.
The borrowing plan comes amid concerns about Nigeria’s rising debt levels, which reached ₦121.67 trillion in the first quarter of 2023. This move has sparked debates about the country’s fiscal strategy, with some stakeholders urging careful consideration of the long-term implications of increased external debt【59†source】【60†source】.
