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President Tinubu Seeks Legislative Approval for $8.6bn External Borrowing Plan

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By Gloria Ikibah
President Bola Tinubu has written to the National Assembly, seeking the approval for N1.767 trillion ($2.209 billion) new external borrowing plan in the 2024 Appropriation Act.
This request from President Tinubu was contained in a letter addressed to the Speaker, House of Representatives, Rep. Abbas Tajudeen titled: “Request for a Resolution of the National Assembly for the Implementation of the New External Borrowing of N1.767 trillion (About $2.209 billion) in the 2024 Appropriation Act”.
In the letter read by Speaker Abbas at the resumed plenary on Tuesday, the President said the borrowing was to part-finance the 2024 budget deficit of N9.179 trillion.
According to President Tinubu, the 2024 Appropriation Act approved the sum of N7.828 trillion as New Borrowings out of which Domestic Borrowing stood at N6.061 trillion and New External Borrowing pegged at N1.767 trillion to part-finance the N9.179 trillion budget deficit.
The letter reads in part: “In accordance with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (DMO) (Establishment, Etc.) Act, 2003, and the approval of the Federal Executive Council, I write to request for a Resolution of the National Assembly to raise the sum of N1,767,610,321,779.00 (equivalent of USD2,209,512,902.22 at the Budget Exchange Rate of USD1.00/N800) provided as New External Borrowing in the 2024 Appropriation Act to part finance the budget deficit of N9.179 trillion.
“The Right Honourable Speaker may wish to recall that the 2024 Appropriation Act approved the sum of N7,828,529,477,860.00 as New Borrowings to part-finance the 2024 budget deficit of N9.179 trillion. The total New Borrowings of N7.828 trillion was further subdivided into New Domestic Borrowing of N6.061 trillion and New External Borrowing of N1.767 trillion”.
The President also explained that external borrowing funds were needed to give more momentum to the ongoing implementation of the projects and programmes in the 2024 Appropriation Act, which were designed to stabilise the economy and put it on the path of sustainable growth and development.
According to him, the key projects to which the proceeds will be deployed include the priority sectors of the economy, such as power, transport, agriculture, defence and security, while increasing accretions to the external reserves.
Likewise, President Tinubu in aletter transmitted to the House requested that it approve the 2025-2027 Medium Term Expenditure Framework and the Fiscal Strategy Paper (MTEF/FSP).
Naijablitznews.com reports that the Federal Executive Council last week, approved the MTEF/FSP which pegged the 2025 budget at N47.9 trillion, oil price benchmark at $75 per barrel, oil production of 2.06 million barrels per day, an exchange rate of N1,400/$1, and GDP growth of 4.6 per cent.
The president asked the House to expeditiously consider the
MTEF/FSP as the 2025 budget was prepared based on the document.
“It is with pleasure that I forward herewith, the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF&FSP) for the kind consideration and approval by the House of Representatives. The 2025- 2027 (MTEF&FSP) was approved during the Federal Executive Council (FEC) meeting of 10th November, 2024.
“The House is invited to note that, as the 2025 budget of the Federal Government will be prepared based on the parameters and fiscal assumptions of the approved 2025-2027 (MTEF&FSP), it is imperative to seek National Assembly’s expeditious legislative action on this submission,” the letter stated.
In another letter to the House, President Tinubu transmitted to the House, the National Social Investment Programme Agency Establishment Amendment Bill, 2024, and requested expeditious consideration and passage.
He said the purpose of the bill was to make National Social Register a primary targeting tool for the implementation of social investment programmes of government.
According to the President, this will ensure social welfare programmes are data driven and implementation processes are transparent, targeted, dynamic and effective in delivering social protection benefits to vulnerable Nigerians.
“Pursuant to Section 58(2) of the Constitution of The Federal Republic of Nigeria 1999 (as amended), I forward, herewith, for the kind consideration and passage by the House of Representatives, the National Social Investment Programme Agency (Establishment) (Amendment) Bill, 2024, for the amendment of the National Social Investment Programme Agency Act, 2023.
“The purpose of the bill is to make the National Social Register the primary targeting tool for the implementation of social investment programmes of Government. This will ensure our social welfare programmes are data driven and implementation processes are transparent, targeted, dynamic and effective in delivering social protection benefits to vulnerable Nigerians,” the letter read.
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Tinubu’s assent to FMC Oleh Bill ends decades of federal neglect, says IDU President

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The President of the Isoko Development Union (IDU), Prof. Chris Akpotu, has described President Bola Tinubu’s assent to the bill establishing the Federal Medical Centre (FMC) in Oleh, Delta State, as a historic milestone that ends decades of perceived federal neglect of the Isoko people.

Speaking on AIT’s Kaakaki programme on Thursday, Akpotu said the approval of the FMC had given the Isoko nation a renewed sense of belonging in the Nigerian federation after years of lacking meaningful federal presence.

He expressed appreciation to President Tinubu for signing the bill into law, saying the gesture had restored hope among the people of Delta South Senatorial District, particularly the Isoko ethnic nationality.

“This is one moment the people of Delta South Senatorial District, especially the Isoko people, will continue to celebrate because it reflects our long history of deprivation,” he said. “For once, we have been made to believe that we truly belong to the Federal Republic of Nigeria and now have a reason to celebrate federal presence in our land.”

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Akpotu also commended Senator Joel-Onowakpo Thomas, who represents Delta South Senatorial District, for sponsoring the bill, describing him as an effective representative who understood the developmental needs of his constituents.

He further praised the Nigerian Senate for passing the legislation and acknowledged the role played by lawmakers in ensuring its eventual assent by the President.

“When the bill was passed by the Senate, we hoped it would not end like many others that never received presidential assent. We thank God that President Tinubu renewed our hope by signing it into law,” he said.

According to the IDU president, the establishment of the Federal Medical Centre would significantly improve healthcare delivery in Delta South while creating employment opportunities during its construction and subsequent operation.

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He noted that beyond providing quality healthcare services, the hospital would generate jobs for construction workers, medical professionals and other support staff, thereby boosting the local economy.

Akpotu lamented that despite Isoko’s enormous contribution to Nigeria’s economy through oil and gas production, the ethnic nationality had received little in terms of federal appointments and infrastructure over the years.

“You cannot discuss Nigeria’s GDP or foreign reserves without acknowledging the contributions of the Isoko people. Yet, for decades, we have had little or no federal presence to celebrate,” he said.

He added that the people had neither produced a minister nor headed major federal agencies such as the Niger Delta Development Commission (NDDC), making the establishment of the FMC particularly significant.

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The IDU president appealed to President Tinubu to facilitate the immediate commencement of construction work on the project to ensure that the benefits of the legislation are quickly realised.

He assured that the Isoko Development Union would continue to engage relevant stakeholders to ensure the successful implementation of the project.

“We appeal to Mr. President to ensure early commencement of construction so that this historic gesture translates into tangible benefits for our people. The IDU will continue to work with all stakeholders to ensure the project comes to fruition,” Akpotu said.

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If Umahi’s daughter was found naked and dead in a poor man’s house Nigeria would’ve been on fire-Dalung

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Ex- Minister of Youth and Sports, Barrister Solomon Dalung, has criticised what he described as double standards in the investigation into the death of physiotherapist Mary Habila, saying the public response would have been entirely different if the victim had been the daughter of a government official

Dalung made the remark while reacting to the controversy surrounding Habila’s death at the country residence of the Minister of Works, David Umahi, in Uburu, Ohaozara Local Government Area of Ebonyi State.

Speaking in a video shared on social media, the former minister questioned the pace and manner of the investigation, arguing that ordinary Nigerians are often subjected to harsher scrutiny than powerful public office holders.

“If Umahi’s daughter had been found naked in a poor man’s house, Nigeria would be burning,” Dalung said, suggesting that the circumstances surrounding Habila’s death would have attracted a different level of public outrage and official response if the roles had been reversed.

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Mary Habila, a 26-year-old physiotherapist from Kaduna State, was found dead at Umahi’s residence on June 27, 2026. She was reportedly attached to the David Umahi Federal University of Health Sciences and had been seconded to the Federal Ministry of Works.

Umahi has since confirmed the incident, describing Habila as a dedicated member of staff who had worked with him for about three years. He said emergency medical personnel were contacted immediately after she was found unresponsive and disclosed that he advised the family to consent to an autopsy to determine the exact cause of death.

The minister has repeatedly denied allegations of any cover-up, insisting that he has nothing to hide and supports a thorough investigation into the circumstances surrounding the physiotherapist’s death.

Meanwhile, the Nigeria Police Force transferred the case to the Ebonyi State Criminal Investigation Department (CID) for further investigation, as public interest in the incident continues to grow.

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Dalung’s remarks add to the increasing calls for transparency and accountability in the investigation, with many Nigerians demanding that the case be thoroughly investigated and that its outcome be made public regardless of the status of those involved.

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DAY 27 of Projects Commissioning and Flag-Off in the FCT

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Launch of the Sales Office/Experience Centre: The Abuja City Walk Development

#FCTProjects2026
#FCT31DaysCommissioning

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