By Nathaniel Zacchaeus and Chukwudi Abasi, Abuja
President Bola Tinubu has requested the National Assembly to approve the sum of $2.209bn (N1.767trn), as provided for in the 2024 Appropriation Act.
The N1.767tn loan is already captured in the external borrowing plan to implement the N28.7trn 2024 budget.
Tinubu made the request in separate letters read in the Senate and House of Representatives during yesterday’s plenary.
Tinubu said that if approved, the loan would be used to part-finance the N9.7tn budget deficit for the 2024 budget.
After reading the letter, Akpabio mandated the Senate Committee on Local and Foreign Debts to work on the request and report back within 24 hours.
“The Presidential request for $2.2bn, equivalent to N1.767trn 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 Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025- 2027 to the Senate and the House of Representatives.
After reading the letter, Akpabio mandated that the Senate Committee on Finance, National Planning, and Economic Affairs consider it at the 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 N47.9trn 2025 budget are the $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 percent.
In another letter to both chambers of the National Assembly, Tinubu sought approval for the 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 adequate 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 by Section 58(2) of the 1999 Constitution (as amended) and urged the Senate to give the bill urgent consideration.
If passed, the proposed amendment 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 Tinubu’s administration is committed to leveraging technology and data to optimize the impact of its social welfare initiatives.
