President Tinubu Seeks NASS’ Approval For N1.767 Trillion Foreign Loan

By Ayodele Oni

Amidst the growing hardship occasioned by harsh economic reforms, President Bola Tinubu has sought the approval of the National Assembly for a fresh N1.767 trillion external borrowing.

This is to part-finance the  deficit of N9.7 trillion for the 2024 budget.

The president’s request was read by the speaker of the House of Representatives, Tajudeen Abbas during plenary on Tuesday.

Nigeria’s growing foreign debt obligations have been of concern lately, and this has been exacerbated by the liberalization of exchange rates, making loan repayment more expensive.

According to the Central Bank of Nigeria (CBN), the Federal Government spent $3.58 billion servicing the country’s foreign debt in the first nine months of 2024.

This represents a 39.77 percent increase from the $2.56 billion spent during the same period in 2023.

The highest monthly debt servicing payment in 2024 occurred in May, amounting to $854.37 million.