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

Published

1 month ago

November 19, 2024

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.

News

Just in: Tinubu exposes those behind deadly stampedes

Published

5 hours ago

December 23, 2024

Austin Ojomah

President Bola Tinubu has accused organisers for the deadly stampedes that occurred during the distribution of relief materials in three states.

Recall in the past week, chaotic scenes in Ibadan, Anambra and Abuja led to the deaths of over 60 people, including children, as crowds scrambled for food items.

During a Presidential Media Chat on Monday, Tinubu described the events as a critical failure in planning and execution.

Condolences to those who lost a family member, but it is good to give. I have been giving out food stuff, commodities, etc. in Bourdillon.

“I am an organized person and that’s why I have been giving people food for the past 25 years and no incident has happened.

“Let this tragedy not affect us”, the Nigerian leader said.

The president also said he has no plans to reduce his cabinet or sack more ministers.

For the controversial tax reform bills, he said it has come to stay.

He also revealed he has no regrets removing fuel subsidy.

He declared utmost confidence in his security chiefs saying over the past decades, wanton killings has reduced drastically.

News

Tinubu To Hold Maiden Presidential Media Chat Tonight

Published

9 hours ago

December 23, 2024

Naijablitznews

President Bola Tinubu will hold first presidential chat since assuming office on Monday night.

Accoding to a statement released by presidential spokesperson, Bayo Onanuga, the chat will be broadcast at 9 p.m. on the stations of Nigerian Television Authority (NTA) and Federal Radio Corporation of Nigeria (FRCN).

All television and radio stations are requested to hook up to the broadcast.

“The first Presidential Media Chat with President Bola Ahmed Tinubu will be broadcast at 9 p.m. on Monday, December 23, on the Nigerian Television Authority and Federal Radio Corporation of Nigeria.

“All television and radio stations are requested to hook up to the broadcast,” the statement.

News

‘Putin waiting to meet me as soon as possible’ to end Ukraine war – Trump

Published

10 hours ago

December 23, 2024

Naijablitznews

The US President-elect took to the stage AmFest in Phoenix to talk about his contact with the Russian leader.

He told the crowd: “President Putin has said he want to meet with me as soon as possible.”

Trump went on to brand the war “horrible” and stated it needed to end. It is not known whether or not this meeting will take place in person. His comments at the event in the US come as Putin met with another world leader.

Putin held talks in the Kremlin today (December 22) with Slovakia’s prime minister, Robert Fico, in a rare visit to Moscow by an EU leader since Russia’s all-out invasion of Ukraine in February 2022.

Fico arrived in Russia on a “working visit” and met with Putin one-on-one. Kremlin spokesman Dmitry Peskov told Russia’s RIA agency that the talks would focus on “the international situation” and Russian natural gas deliveries.

Visits and phone calls from European leaders to Putin have been rare since Moscow sent troops into Ukraine, although Hungary’s PM Viktor Orban visited Russia in July. Orban’s visit drew condemnation from Kyiv and European leaders.Fico’s views on Russia’s war on Ukraine differ sharply from most other European leaders. The Slovakian PM returned to power last year after his leftist party Smer (Direction) won parliamentary elections on a pro-Russia and anti-American platform. Since then, he has ended his country’s military aid for Ukraine, hit out at EU sanctions on Russia, and vowed to block Ukraine from joining NATO.