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BREAKING: Tinubu Writes National Assembly, Seeks Approval to Borrow $2.209 Billion
Nigeria

BREAKING: Tinubu Writes National Assembly, Seeks Approval to Borrow $2.209 Billion

by  Adekunle Dada 2 min read
  • President Bola Ahmed Tinubu has requested permission to borrow $2.209 billion from external sources
  • According to Tinubu, the $2.209 billion loan request would help to finance the deficit in the 2024 budget
  • This was disclosed in a letter read by the Speaker of the House of Representatives, Abbas Tajudeen, on the floor of the House on Tuesday, November 19

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Legit.ng journalist Adekunle Dada has over 7 years of experience covering metro, government policy, and international events

FCT, Abuja - President Bola Ahmed Tinubu has written to the National Assembly requesting to borrow $2.209 billion from external sources.

The speaker of the House of Representatives, Abbas Tajudeen, read the letter on the floor of the House on Tuesday, November 19.

Tinubu seeks National Assembly’s approval to borrow $2.209 billion
Tinubu said the loan request would help to finance the deficit in the 2024 budget. Photo credit: Asiwaju Bola Ahmed Tinubu
Source: Facebook

According to Premium Times, Tinubu said the loan request would help to finance the deficit in the 2024 budget.

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The President argued that the request is in line with sections 21(1) and 27(1) of the Debt Management Office Act, adding that it was approved by the Federal Executive Council (FEC).

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Tinubu's minister, Wike approves new minimum wage for FCT workers

Legit.ng recalls that the Nigerian government announced the approval of another $2.5 billion loan from the World Bank.

The minister of Finance and coordinating minister of the economy, Wale Edun, announced the new loan on Thursday, June 13, 2024.

He said the loan has two parts and would be used to accelerate rural development, and poverty alleviation.

Nigeria's public debt profile is above N100 trillion, and a recent payment of N6 trillion was made to service matured debt.

Senate Grants Tinubu’s Request To Borrow $7.8Bn, €100M

Meanwhile, Legit.ng reported that the loan request made by the President Tinubu-led federal government of Nigeria was granted.

A recent request for loan approval made by the federal government of Nigeria headed by President Tinubu has been granted.

The senate in its session on Wednesday, November 1, finally approved Tinubu’s request to borrow the sums of 7.8 billion dollars and 100 million euros.

Read also

FG sets naira to dollar exchange rate target in 2025 budget, expert disagrees, gives reason

This was a day after the President asked the National Assembly to approve N2.17trn as the 2023 supplementary budget.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng

Authors:
Adekunle Dada avatar

Adekunle Dada (Politics and Current Affairs Editor) Adekunle Dada is a trained journalist with over 7 years of working experience. He is also a Politics/Current Affairs Editor at Legit.ng. He holds a B.Sc. in Mass Communication From Lagos State University, Ojo. Adekunle previously worked at PM News, The Sun, and Within Nigeria where he expressed his journalistic skills with well-researched articles and features. In 2024, Adekunle obtained a certificate in advanced digital reporting from the Google News Initiative. He can be reached via adekunle.dada@corp.legit.ng.

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