Breaking: Details emerge as Tinubu seeks National Assembly’s approval to borrow $2.209 billion

Legit.ng journalist Adekunle Dada has over 7 years of experience covering metro, government policy, and international events

FCT, Abuja - President Bola Ahmed Tinubu has written to the National Assembly requesting to borrow $2.209 billion from external sources.

Tinubu said the fund will be used to finance the deficit in the 2024 budget.

Tinubu said the loan request would help to finance the deficit in the 2024 budget. Photo credit: Asiwaju Bola Ahmed Tinubu
Source: Facebook

The Speaker of the House of Representatives, Abbas Tajudeen, read the letter on the floor of the House on Tuesday, November 19.

According to Premium Times, Tinubu said the loan request would help to finance the deficit in the 2024 budget.

The President argued that the request is in line with section 21(1) and 27(1) of the Debt Management Office Act, adding that it was approved by the Federal Executive Council (FEC).

Source: Legit.ng