President Bola Tinubu, on Tuesday, wrote to the National Assembly seeking its approval for a $2.2 billion loan.
The president also forwarded the medium-term expenditure framework (MTEF) and the fiscal strategy paper (FSP) to the National Assembly for consideration and approval.
The president’s request was read at plenary on both chambers of the National Assembly on Tuesday.
If approved, the loan will be used to part-finance the budget deficit of N9.7 trillion for the 2024 budget.
Tinubu also sent the National Social Investment Programme Establishment Amendment Bill to make the social register the primary tool for the implementation of the Federal Government’s social welfare programmes.
On November 14, the federal government proposed N47.9 trillion as the total expenditure in the 2025 budget.
Atiku Bagudu, the minister of budget and economic planning, said the federal executive council (FEC) also approved MTEF for 2025-2027.
Speaking on the approval of the MTEF and fiscal strategy papers (FSP), Bagudu said the executive would put efforts in place to ensure the 2025 budget is passed and signed before December 2024.
