JUST IN: Tinubu requests NASS clearance for a new external borrowing of N1.77 trillion.
President Bola Ahmed Tinubu has written to the National Assembly requesting permission for a new foreign borrowing plan of N1.767 trillion in the 2024 appropriation act.
The speaker read the president’s request at Tuesday’s plenary session.
If approved, the loan will be used to partially fund the N9.7 trillion budget shortfall for fiscal year 2024.
The president has also sent the MTEF/FSP 2025- 2027 to parliament, as well as the National Social Investment Programme establishment amendment bill, which would make the social register the key vehicle for implementing the federal government’s social welfare programs.
This comes as the Central Bank of Nigeria recently announced that the Federal Government spent $3.58 billion servicing the country’s foreign debt in the first nine months of 2024.Graduate Internship.
The sum is a 39.77 percent rise over the $2.56 billion spent during the same period in 2023, according to data from the Central Bank of Nigeria’s (CBN) report on international payment statistics.
The study states that the largest monthly debt servicing payment in 2024 was $854.37 million in May, while the greatest monthly expense in 2023 was $641.70 million in July.
Additional analysis of foreign debt data revealed that debt servicing expenses increased by 398.89% in January 2024, from $112.35 million in January 2023 to $560.52 million. On the other hand, payments decreased by 1.84 percent in February, from $288.54 million in 2023 to $283.22 million in 2024.
Payments in March decreased by 31.04%, to $276.17 million from $400.47 million over the same time frame last year.
There was a notable increase of 131.77% in April, with $215.20 million paid in 2024 as opposed to $92.85 million in 2023.The largest debt servicing payment was made in May 2024, totaling $854.37 million, which represented a 286.52 percent increase over the $221.05 million paid in May 2023. In contrast, June experienced a 6.51% decrease, with $50.82 million paid in 2024 compared to $54.36 million in 2023.
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