President Bola Tinubu has forwarded the Medium-Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) to the National Assembly for approval.
This move, made on Tuesday, November 19, 2024, is part of the preparations for the 2025 budget. The federal government has proposed a total expenditure of N47.9 trillion for the 2025 fiscal year, a significant increase from the N28.17 trillion allocated in 2024.
This external borrowing is part of the government’s strategy to support its economic reforms and strengthen the nation’s finances. The borrowing will be raised through a combination of Eurobonds and Sukuk, with an estimated $1.7 billion expected from the Eurobond offer and $500 million from Sukuk financing.
Tinubu emphasized the urgency of legislative approval for these measures, stressing the need to finalize the 2025 budget before December 2024.
The request for the loan aligns with provisions of the Debt Management Office (DMO) Act, 2003, and is part of a broader strategy to address the federal government’s fiscal deficit.
CREDIT: Allneeds, THE CABLE.NG
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