- Fresh Borrowing Plan: N1.767 trillion external borrowing plan to finance 2024 budget deficit
- Budget Deficit: N9.7 trillion for 2024
- Debt Servicing: $3.58 billion spent in the first nine months of 2024, a 39.77% increase from 2023
- MTEF and FSP: 2025-2027 documents forwarded to parliament
- National Social Investment Programme: Amendment bill to make social register primary tool for implementation
President Bola Tinubu has requested the National Assembly’s approval for a fresh N1.767 trillion external borrowing plan to help finance the N9.7 trillion budget deficit for 2024. This loan, if approved, will add to Nigeria’s growing debt, which has sparked concerns among citizens .
The president’s request was presented to the assembly on Tuesday, November 19, and it’s part of a larger plan to address the country’s financial challenges. Additionally, Tinubu has forwarded the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025-2027, as well as the National Social Investment Programme establishment amendment bill, to make the social register the primary tool for implementing the federal government’s social welfare programs .
This move comes as the Central Bank of Nigeria reported that the federal government spent $3.58 billion on foreign debt servicing in the first nine months of 2024, a 39.77% increase from the same period in 2023 . This has raised concerns about Nigeria’s debt sustainability and the potential impact on future generations.
