Just In: Tinubu writes National Assembly, seeks approval to borrow $2.209bn
Nigerian President Asiwaju Bola Ahmed Tinubu has written to the National Assembly over a request to borrow $2.209 billion from external sources to finance the deficit in the 2024 budget.
The Speaker of the House of Representatives, Abbas Tajudeen, while reading a copy of the letter on the floor of the House on Tuesday, said Tinubu’s loan request would help to finance the deficit in the 2024 budget, adding that the request is in line with section 21(1) and 27(1) of the Debt Management Office Act,
The letter also stated that the loan was approved by the Federal Executive Council (FEC).
Nigeria already recorded a significant rise in its debt profile in the year.
Details later…
Source: Premium Times
