JUST IN: Tinubu Seeks National Assembly Approval For N1.77tn Loan

President Bola Tinubu has formally requested the National Assembly’s approval to borrow N1.767 trillion from external sources to address the 2024 budget deficit.

In a letter presented during Tuesday’s plenary by the Speaker of the House of Representatives, Abbas Tajudeen, Tinubu explained that the loan is critical to part-financing the N9.7 trillion shortfall in the 2024 budget.

The President stated that the proposal complies with Sections 21(1) and 27(1) of the Debt Management Office Act and has already been approved by the Federal Executive Council (FEC).

…More details soon