Tinubu seeks Reps nod for $2.2bn, $1.045bn external loans

President Bola Tinubu has formally requested the approval of the House of Representatives for external loan facilities totaling $2.2 billion and $1.045 billion to support the implementation of the 2024 budget and other fiscal requirements.

The President’s request, contained in a letter read by the Speaker of the House, Tajudeen Abbas, seeks legislative backing to access these funds from international capital markets and other financial institutions to bridge the existing budget deficit.

The proposed borrowing is part of the Federal Government’s broader strategy to finance critical infrastructure projects and meet debt obligations, including the refinancing of maturing Eurobonds. The administration maintains that these loans are essential for maintaining economic stability and ensuring the completion of key capital projects outlined in the appropriation act.

Lawmakers are expected to deliberate on the request, with the House Committee on Aids, Loans and Debt Management tasked with reviewing the terms and conditions of the proposed facilities before reporting back to the plenary for a final decision.