President Bola Ahmed Tinubu has formally sought the National Assembly’s approval to secure external loans totaling $2.21 billion (approximately ₦1.77 trillion). This funding is part of his administration’s broader strategy to address budgetary deficits in the 2024 fiscal plan while advancing critical sectors such as energy, transportation, agriculture, and national security.
The borrowing plan outlines raising funds through a mix of financial instruments, including Eurobonds, sovereign Sukuk bonds, and syndicated loans, depending on favorable market conditions. Tinubu emphasized the importance of these funds in bolstering infrastructure, stimulating economic development, and stabilizing the naira by enhancing foreign reserves.
Additionally, international financial institutions, including the World Bank, are reportedly supporting Nigeria’s economic reform efforts with potential funding commitments between $1 billion and $2 billion. This development is aligned with the Federal Government’s strategy to mitigate the impacts of economic reforms and foster sustainable growth.
The proposal follows the recent approval of a ₦2.17 trillion supplementary budget for 2023 by the Federal Executive Council, highlighting the administration’s commitment to addressing pressing fiscal and development challenge
