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Tinubu presents 2024 budget proposal of N25.7trn, seeks NASS approval for $8.6bn, €100m loan facility

President Bola Ahmed Tinubu, GCFR, Presenting the 2024 Appropriation Bill of N27.5trillion to the National Asembly, in Abuja, FCT

*President Bola Ahmed Tinubu, GCFR, Wednesday, November 29 presents the 2024 Appropriation Bill of N27.5trillion to a joint session of the National Assembly, urging the Federal lawmakers work assiduously on the budget estimates, and ‘conclude with reasonable dispatch’ their deliberations

Isola Moses | ConsumerConnect

President Bola Ahmed Tinubu, GCFR, Wednesday, November 29, 2023, presented the 2024 Appropriation Bill of N27.5trillion tagged, ‘Budget of Renewed Hope’, to a joint session of the National Assembly (NASS), in Abuja, FCT.

ConsumerConnect reports President Tinubu, in his address on the occasion, urged the Federal legislators to expedite action on the budget passage process, expressing his desire to have the 2024 Appropriation Act come into effect January 1 next year.

The President also told the two arms of the Federal Legislature – the Senate and the House of Representatives – to work assiduously and “conclude with reasonable dispatch” their deliberations on the 2024 budget estimates of N27.5trillion.

On the Appropriation Bill christened: ‘Budget of Renewed Hope’, President Tinubu asserted: “I am confident that the National Assembly will continue to work closely with us to ensure that deliberations on the 2024 Budget are thorough but also concluded with reasonable dispatch.

We desire new Appropriation Act comes into effect January 1, 2024: Tinubu

“Our goal is for the Appropriation Act to come into effect on the 1st of January 2024.”

In his first-ever budget speech since he assumed office as the Nigerian President Monday, May 29, 2023, Tinubu further said that the ‘Budget Of Renewed Hope’ would ensure micro-economic stability, poverty reduction, greater access to social security, among others.

Rt. Hon. (Dr.) Tajudeen Abbas, Speaker of the House of Representatives, in his vote of thanks, assured the President that the Appropriation Bill would be given accelerated consideration.

Present at the official presentation of the 2024 budget estimates include Vice-President Kashim Shettima; Mr. Femi Gbajabiamila, Chief of Staff (CoS) to the President; George Akume, Secretary to the Government of the Federation (SGF); Mr. Nyesom Wike, Minister of the Federal Capital Territory (FCT); and Abdullahi Ganjude, National Chairman of the All Progressives Congress, among others.

President seeks NASS  approval of $8.69bn, €100m loan facility

Earlier, President Tinubu has sought approval of the Senate to obtain another loan facility of $8.69 billion and €100 million as part of the 2022-2024 external borrowing plan of the federal government.

Tinubu’s request was contained in a letter Senate President Godswill Akpabio, and the Speaker of the House of Representatives, Abbas Tajudeen, read Tuesday, November 28 to NASS members during the plenary sessions in both chambers.

It was, however, learnt that the loan approval request was not a fresh one but an increase in the figure the President had requested in his letter to the National Assembly November 1 this year.

The President may increased a component of the loan from $7.86 billion to N8.69 billion, according to report.

Loan to address needs in key sectors of economy, says Tinubu

Tinubu, in the letter, noted that the new loan request would be used to finance infrastructure, agriculture, health, education, water supply, security and employment as well as financial management reforms.

The loan is necessary in order to make his administration fulfill its promises, stated he.

The letter reads in part: “I write in respect of the above subject and to submit the attached federal government 2022-2024 external borrowing plan for consideration and early approval of the National Assembly to ensure prompt implementation of the projects.

“The Senate may wish to note that the past administration approved a 2022-2024 borrowing plan by the Federal Executive Council (FEC) held on May 15, 2023.

It stated: “The project cuts across all sectors, with specific emphasis on infrastructure, agriculture, health, water supply, roads, security, and employment generation as well as financial management reforms.

“Consequently, the required approval is in the sum of $8,699,168,559 and €100 million.

“I would like to underscore the fact that the projects and programmes in the borrowing plan were selected based on economic evaluations as well as the expected contribution to the social economic development of the country, including employment generation, and skills acquisition.”

President Tinubu wrote: “Given the nature of these facilities, and the need to return the country to normalcy it has become necessary for the Senate to consider and approve the 2022- 2024 external abridged borrowing plan to enable the government deliver its responsibility to Nigerians.”

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