Tinubu seeks $2.2bn Loan to Bridge massive 2024 Budget deficit

President Bola Tinubu has sought the National Assembly’s approval for a $2.2 billion external loan as part of his administration’s efforts to finance the 2024 budget.

The President’s request was contained in a letter read by Speaker of the House of Representatives, Tajudeen Abbas, during Tuesday’s plenary session.

Tinubu explained that the proposed loan is intended to cover part of the N9.7 trillion deficit projected in the 2024 Appropriation Act.

In addition to the loan request, Tinubu submitted the 2025–2027 Medium-Term Expenditure Framework and Fiscal Strategy Paper to the National Assembly for consideration.

These documents outline the government’s fiscal and budgetary priorities over the medium term, serving as a blueprint for Nigeria’s financial management strategy.

Furthermore, the President proposed amendments to the National Social Investment Programme Establishment Bill.

The amendments aim to institutionalise the social register as the primary tool for implementing the Federal Government’s welfare programmes, ensuring more effective distribution of social benefits.

The National Assembly is expected to deliberate on these critical proposals, which are key components of Tinubu’s broader economic strategy.