{"id":139290,"date":"2024-11-19T22:57:02","date_gmt":"2024-11-19T21:57:02","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/tinubu-seeks-senates-approval-of-fresh-n1-767tn-external-borrowing"},"modified":"2024-11-20T00:01:34","modified_gmt":"2024-11-19T23:01:34","slug":"tinubu-seeks-senates-approval-of-fresh-n1-767tn-external-borrowing","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubu-seeks-senates-approval-of-fresh-n1-767tn-external-borrowing","title":{"rendered":"Tinubu seeks Senate\u2019s approval of fresh N1.767tn external borrowing"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>Nigeria\u2019s President Bola Tinubu has written to the National Assembly to approve a fresh N1.767 trillion as a new external borrowing plan in the 2024 appropriation act.<\/p>\n<p>According to the president, the loan is based on an exchange rate of N800 to $1.<\/p>\n<p>Tinubu\u2019s request was read by the speaker, Tajudeen Abbass, during plenary on Tuesday.<\/p>\n<p>Accordingly, if approved, the loan will be used to part-finance the budget deficit of N9.7 trillion for the 2024 budget.<\/p>\n<p>The president has also forwarded the MTEF\/FSP 2025-2027 to parliament and the National Social Investment Programme establishment amendment bill to make the social register the primary tool for the implementation of the federal government\u2019s social welfare programmes.<\/p>\n<p>Last Thursday, the Federal Executive Council, FEC, approved a $2.2 billion external borrowing plan as part of the Federal Government\u2019s 2024 Appropriation Act financing program.<\/p>\n<p>With the latest move to get an additional $2.2 billion fresh borrowing plan, DAILY POST reports that Nigeria\u2019s external debt may increase to $45.1 billion by the end of 2024.<\/p>\n<p>This is as the Central Bank of Nigeria recently said the Federal Government spent $3.58 billion servicing the country\u2019s foreign debt in the first nine months of 2024.<\/p>\n<p>CBN\u2019s data on international payment statistics showed that the amount represents a 39.77 per cent increase from the $2.56 billion spent during the same period in 2023.<\/p>\n<p>According to the report, while the highest monthly debt servicing payment in 2024 occurred in May, amounting to $854.37m, the highest monthly expenditure in 2023 was $641.70m, recorded in July.<\/p>\n<p>External debt for the states and the Federal Capital Territory also climbed from $4.61bn to $4.89bn within the period under review.<\/p>\n<p>In another letter, the President asked the Senate for an Amendment to the National Social Investment Agency Act to make the social register the main source of data for all investment programmes.<\/p>\n<p><strong>For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. Nigeria\u2019s President Bola Tinubu has written to the National Assembly to approve a fresh N1.767 trillion as a new external borrowing plan in the 2024 appropriation act. According to the president, the loan is based on an exchange rate of N800 to $1. Tinubu\u2019s request was read by the speaker, Tajudeen Abbass, [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":139289,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,29,14],"tags":[254,53,945],"class_list":["post-139290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-policy","tag-nigeria","tag-senate","tag-tinubu"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tinubu seeks Senate\u2019s approval of fresh N1.767tn external borrowing - Nigeria<\/title>\n<meta name=\"description\" content=\"Nigeria\u2019s President Bola Tinubu has written to the National Assembly to approve a fresh N1.767 trillion as a new externa ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubu-seeks-senates-approval-of-fresh-n1-767tn-external-borrowing\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tinubu seeks Senate\u2019s approval of fresh N1.767tn external borrowing\" \/>\n<meta property=\"og:description\" content=\"Nigeria\u2019s President Bola Tinubu has written to the National Assembly to approve a fresh N1.767 trillion as a new externa ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubu-seeks-senates-approval-of-fresh-n1-767tn-external-borrowing\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-19T21:57:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-19T23:01:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/11\/sm_1732044670.880994.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubu-seeks-senates-approval-of-fresh-n1-767tn-external-borrowing#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubu-seeks-senates-approval-of-fresh-n1-767tn-external-borrowing\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Tinubu seeks Senate\u2019s approval of fresh N1.767tn external borrowing\",\"datePublished\":\"2024-11-19T21:57:02+00:00\",\"dateModified\":\"2024-11-19T23:01:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubu-seeks-senates-approval-of-fresh-n1-767tn-external-borrowing\"},\"wordCount\":322,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubu-seeks-senates-approval-of-fresh-n1-767tn-external-borrowing#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/11\/sm_1732044670.880994.jpg\",\"keywords\":[\"Nigeria\",\"senate\",\"Tinubu\"],\"articleSection\":[\"all news\",\"head lines\",\"Policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubu-seeks-senates-approval-of-fresh-n1-767tn-external-borrowing#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubu-seeks-senates-approval-of-fresh-n1-767tn-external-borrowing\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubu-seeks-senates-approval-of-fresh-n1-767tn-external-borrowing\",\"name\":\"Tinubu seeks Senate\u2019s approval of fresh N1.767tn external borrowing - 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