President Bola Ahmed Tinubu has written to the National Assembly, seeking approval of a fresh N1.767tn as a new external loan in the 2024 appropriation act.
If approved, the loan will be used to part-finance the budget deficit of N9.7tn for the 2024 budget.
Tinubu’s request to the House of Representatives was read by the speaker, Tajudeen Abbas during plenary on Tuesday.
Also, the president has sent the MTEF/ FSP 2025- 2027 to the House as well as the National Social Investment Programme establishment amendment bill, to make the social register the primary tool for the implementation of the federal government’s social welfare programmes.
Recall that recently, the Central Bank of Nigeria, CBN, said the Federal Government spent $3.58 billion servicing the Nigeria’s foreign debt in the first 9 months of 2024.
Data contained in the Central Bank of Nigeria (CBN) report on international payment statistics showed that the amount represents a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.
According to the report, while the highest monthly debt servicing payment in 2024 occurred in May, amounting to $854.37m, the highest monthly expenditure in 2023 was $641.70m, recorded in July.
The trend in international debt servicing by the CBN highlights the rising cost of debt obligations by Nigeria.