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President Bola Tinubu has formally requested the National Assembly’s approval to secure a N1.767tn loan from external sources to address the 2024 budget deficit.
In a letter read by the Speaker of the House of Representatives, Abbas Tajudeen, during Tuesday’s plenary session, Tinubu explained that the loan would support financing the budget shortfall for the upcoming year.
The President noted that the request aligns with Section 21(1) and 27(1) of the Debt Management Office Act and confirmed that it has received the Federal Executive Council’s (FEC) approval.
If approved, the loan will be used to part-finance the budget deficit of N9.7tn for the 2024 budget.
(The Nation)
