Nigerian President, Bola Tinubu, has formally requested the National Assembly's approval to borrow $2.209billion (₦1.767trillion) from external sources to bridge the deficit in the 2024 budget.
This loan, according to the President, is part of Nigeria's budgetary financing plan, aiming to address a portion of the ₦9.17trillion fiscal deficit.
The loan will be used to finance the 2024 budget deficit, and the amount will be raised through Eurobonds or other external borrowing instruments.
President Tinubu also authorized the Minister of Finance and Coordinating Minister of the Economy, alongside the Debt Management Office (DMO), to take necessary steps to execute the plan upon National Assembly approval.
The Senate has referred the matter to the Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamako, with instructions to report back within 24 hours.
As Nigeria's debt profile continues to rise, concerns about transparency and accountability in loan utilization remain.
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