Nigerian President, Bola Ahmed Tinubu has written to the National Assembly, seeking approval of a fresh N1.77 trillion, the equivalent of $2.209 billion as a new external borrowing plan in the 2024 appropriation act.
The President’s request was contained in a letter read by the Senate President, Senator Godswill Akpabio, during the plenary on Tuesday.
President Tinubu said the loan would be part of the funds that would be used to finance the N28.7 trillion 2024 Appropriation.
President Tinubu noted that his request was in accordance with the provisions of Sections 21 (1) and 27 (1) of the Debt Management Office and the approval of the Federal Executive Council (FEC).
“In accordance with the provisions of Sections 21 (1) and 27 (1) State Management Office, DMO established Act 2003 and the approval of the Federal Executive Council, I write the request for a resolution of the National Assembly to raise the sum of $2.206 provided as new external borrowing in the 2024 Appropriations Act,” the letter reads.
Senate President, Senator Akpabio however referred the request to the Senate Committee on Local and Foreign Debts and directed the lawmakers to report their findings to the Senate within 24 hours.
Confidence Okwuchi
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