President Bola Tinubu has formally requested the National Assembly’s approval to borrow $2.209 billion from external sources to address the deficit in the 2024 national budget.
During a session of the House of Representatives, Speaker Abbas Tajudeen publicly read the presidential letter detailing the loan request.
“The loan request will help to finance the deficit in the 2024 budget,” President Tinubu explicitly stated in the communication.
The president emphasized that the loan application strictly adheres to legal protocols.
“The request is in line with section 21(1) and 27(1) of the Debt Management Office Act,” Tinubu explained, further noting that the proposal has received comprehensive approval from the Federal Executive Council (FEC).
