President Bola Ahmed Tinubu has officially requested the approval of a new external borrowing of $2.209 billion (₦1.767 trillion) from the Senate and the House of Representatives. The request, made in line with the 2024 Appropriation Act, aims to address a significant portion of Nigeria’s ₦9.17 trillion fiscal deficit for the 2024 budget.

In letters addressed to Senate President Godswill Akpabio and House Speaker Tajudeen Abbas, President Tinubu outlined the borrowing plan as part of Nigeria’s broader fiscal strategy. The proposed loan, to be raised through Eurobonds or other external borrowing instruments, has already been approved by the Federal Executive Council (FEC). The President highlighted that the borrowing aligns with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (DMO) Establishment Act, 2003.

Accompanying the borrowing request, President Tinubu submitted the 2025–2027 Mid-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) to the Senate for legislative consideration. Approved by FEC on November 10, 2024, the document sets the fiscal roadmap for the next three years and was referred to the Senate Committees on Finance and National and Economic Planning for review and prompt feedback.

In his appeal for swift legislative action, President Tinubu emphasised the urgency of addressing the 2024 budget deficit and ensuring smooth implementation of Nigeria’s fiscal plans. “The funds will be utilised to finance critical components of the 2024 budget,” the President stated, adding that detailed terms and conditions for the Eurobond issuance were attached to guide the Senate’s deliberations.

The Honourable Minister of Finance and Coordinating Minister of the Economy, alongside the DMO, has been tasked with executing the borrowing plan once the National Assembly grants approval.

During plenary, Senate President Akpabio referred the borrowing request to the Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamako, with instructions to submit a report within 24 hours. Similarly, the MTEF/FSP was assigned to relevant committees for expedited review.