Tinubu seeks National Assembly’s approval to borrow $2.209 billion

Mr Tinubu said the loan request would help to finance the deficit in the 2024 budget.

President Bola Tinubu has written to the National Assembly requesting to borrow $2.209 billion from external sources to finance the deficit in the 2024 budget.

In the copy of the letter read by the Speaker of the House of Representatives, Abbas Tajudeen, on the floor of the House on Tuesday, Mr Tinubu said the loan request would help to finance the deficit in the 2024 budget.

Mr Tinubu stated that the request is in line with section 21(1) and 27(1) of the Debt Management Office Act, adding that it was approved by the Federal Executive Council (FEC).

Nigeria already recorded a significant rise in its debt profile in the year.

Details later