19th November 2023, NewsOrient, News, Governance And Development, Business And Economy

President Bola Ahmed Tinubu has written Nigerian National Assembly (NASS), seeking approval for N1.77tn ($2.209 billion) fresh external borrowing.

He said if approved by the lawmakers, the loan “will be used to part-finance the deficit of N9.7 trillion for the 2024 budget.”

Since President Bola Ahmed Tinubu’s request was read by the Speaker during plenary on Tuesday, critics of the government economic policy have condemned government’s demand for fresh loan when the country is already over burdened by huge foreign debts.

They recalled that the Central Bank of Nigeria recently said the Federal Government spent $3.58 billion servicing the country’s foreign debt in the first nine months of 2024.

~ NewsOrient

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