President Bola Tinubu has requested the National Assembly for approval of N1.767tn loan already captured in the external borrowing plan for implementation of the N28.7trillion 2024 budget.
President Tinubu who made the request in separate letters read in Senate and House of Representatives during plenary on Tuesday, said if approved, the loan will be used to part-finance the budget deficit of N9.7tn for the 2024 budget.
The Senate President , Godswill Akpabio after reading the letter , mandated the Senate Committee on Local and Foreign to work on the request and report back within 24 hours .
“The Presidential request for $2.2billion , equivalent of N1.767trillion loan is already enshrined in the external borrowing plan for the 2024 fiscal year .
” The Senate Committee on Local and foreign debts , should therefore , give the request expeditious consideration and report back within 24 hours .
The president has also forwarded the Medium Term Expenditure Frame work (MTEF) and Fiscal Strategy Paper (FSP) for 2025- 2027 to both the Senate and the House of Representatives .
In giving the request expeditious consideration , Senator Godswill Akpabio after reading the letter containing it , mandated the Senate Committee on Finance , National Planning and Economic Affairs to consider it at committee level and report back in one week.
Key parameters in the 2025 – 2027 MTEF/FSP documents needed for consideration and approval of the proposed N47.9trillion 2025 budget are ÷ $75 oil price benchmark per barrel, Daily Oil Production of 2.06 million barrels , Exchange Rate of N1,400 to $1 and targeted GDP Growth rate of 6.4%..
President Tinubu in another letter to both chambers of the National Assembly , sought approval for Social Investment Programme Amendment Bill
The proposed amendment aims to strengthen the framework for implementing the government’s social welfare programmes, ensuring greater transparency and efficiency.
He explained further that the amendment seeks to designate the National Investment Register as the primary tool for targeting beneficiaries of social investment initiatives. This measure, he said, would ensure that welfare programmes are data-driven and deliver effective social protection to Nigeria’s most vulnerable citizens.
“The amendment will make our social and welfare programmes more transparent, efficient, and impactful in addressing the needs of vulnerable Nigerians,” he said
He further noted that the request was made in accordance with Section 58(2) of the 1999 Constitution (as amended) and urged the Senate to give the bill urgent consideration.
The proposed amendment, if passed, will improve the management and delivery of social investment programmes, enhancing their capacity to combat poverty and inequality across the country. The Senate has referred the bill to relevant committees for review and is expected to deliberate on the proposal in subsequent sessions.
This development indicates that the Tinubu’s administration is committed to leveraging technology and data to optimize the impact of its social welfare initiatives.
