Close Menu

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Premier League: Rio Ngumoha The Hero As Liverpool Beat Newcastle 3 -2

    August 26, 2025

    Tottenham Leads Premier League Table After 2 Nil Victory Against Man City

    August 23, 2025

    Tinubu Mourns Late Journalist, Evelyn Osagie

    August 23, 2025
    Facebook X (Twitter) Instagram
    Trending
    • Premier League: Rio Ngumoha The Hero As Liverpool Beat Newcastle 3 -2
    • Tottenham Leads Premier League Table After 2 Nil Victory Against Man City
    • Tinubu Mourns Late Journalist, Evelyn Osagie
    • Tinubu Departs Japan for State Visit to Brazil
    • Haske: Why Atiku’s Son-in-Law Was Declared Wanted – EFCC
    • Frank Caprio, US judge nicknamed ‘nicest judge in the world,’ dies at 88
    • Soludo Orders Prosecution of Agunechemba Security For Assaulting Corps Member
    • Olubadan-Designate, Ladoja To Be Crowned September 26th
    Facebook X (Twitter) Instagram
    TheScrutinyNG
    Subscribe
    Tuesday, August 26
    • Home
    • Politics
    • Business
    • News
      • World News
    • Sports
    • Interviews
    • Opinion
    • Entertainment
    • Columnists
    • ABOUT US
    TheScrutinyNG
    Home » Tinubu Seeks Senate’s Nod For Fresh N1.767trn Loan
    2 Mins ReadNovember 19, 2024

    Tinubu Seeks Senate’s Nod For Fresh N1.767trn Loan

    By TheScrutinyNGNovember 19, 2024No Comments2 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    President Bola Ahmed Tinubu has written the Senate, seeking approval for a new N1.767 trillion external borrowing plan.

    Tinubu, in a correspondence read on the floor of the Red Chamber by Senate President Godswill Akpabio on Tuesday, maintained that his request was in line with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (DMO) Establishment Act, 2003.
    TRIBUNE reports that Senator Akpabio announced President Tinubu’s formal request for the Senate approval to implement the new external borrowing of $2.209 billion (₦1.767 trillion), as provided for in the 2024 Appropriation Act.
    Checks revealed that the borrowing plan is to address a portion of the ₦9.17 trillion fiscal deficit in the 2024 budget.
    Meanwhile, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, while briefing journalists at the end of the FEC meeting last week, had revealed that the borrowing plan had already been approved by the Federal Executive Council (FEC).
    According to him, the financing package will be raised through a combination of Eurobonds and Sukuk bonds, with approximately $1.7 billion expected to come from the Eurobond offer and $500 million from Sukuk financing.
    He said the borrowing will take place within the 2024 fiscal year, with the final structure of the funding to be determined by market conditions and the recommendations of transaction advisers.
    He said: “The first objective is to complete the federal government’s external borrowing program with the approval of the $2.2 billion financing package, which will include access to the international capital market through a combination of Eurobonds and Sukuk bonds—approximately $1.7 billion from the Eurobond offer and $500 million from Sukuk financing.
    “The actual composition of the financing will be finalized once the National Assembly has considered and approved the borrowing plan. After the external borrowing approval is granted, the funds will be raised as soon as possible within the year.”
    The president, in the correspondence addressed to Senate President Godswill Akpabio, submitted the 2025–2027 Medium-Term Fiscal Framework (MTF) and Fiscal Strategy Paper (FSP) to the Senate.

    Author

    • TheScrutinyNG
      TheScrutinyNG

      View all posts
    fresh loan President Bola Ahmed Tinubu Senate
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    TheScrutinyNG
    • Website

    Related Posts

    Featured

    Premier League: Rio Ngumoha The Hero As Liverpool Beat Newcastle 3 -2

    August 26, 2025
    Breaking News

    Tottenham Leads Premier League Table After 2 Nil Victory Against Man City

    August 23, 2025
    Featured

    Tinubu Mourns Late Journalist, Evelyn Osagie

    August 23, 2025
    Breaking News

    Tinubu Departs Japan for State Visit to Brazil

    August 22, 2025
    Breaking News

    Haske: Why Atiku’s Son-in-Law Was Declared Wanted – EFCC

    August 22, 2025
    Breaking News

    Frank Caprio, US judge nicknamed ‘nicest judge in the world,’ dies at 88

    August 21, 2025

    Subscribe to News

    Get the latest sports news from NewsSite about world, sports and politics.

    Editor's Picks

    Premier League: Rio Ngumoha The Hero As Liverpool Beat Newcastle 3 -2

    August 26, 2025

    Tottenham Leads Premier League Table After 2 Nil Victory Against Man City

    August 23, 2025

    Tinubu Mourns Late Journalist, Evelyn Osagie

    August 23, 2025

    Tinubu Departs Japan for State Visit to Brazil

    August 22, 2025
    Latest Posts
    Advertisement
    Facebook X (Twitter) Pinterest Vimeo WhatsApp TikTok Instagram

    News

    • World
    • US Politics
    • EU Politics
    • Business
    • Opinions
    • Connections
    • Science

    Company

    • Information
    • Advertising
    • Classified Ads
    • Contact Info
    • Do Not Sell Data
    • GDPR Policy
    • Media Kits

    Services

    • Subscriptions
    • Customer Support
    • Bulk Packages
    • Newsletters
    • Sponsored News
    • Work With Us

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    © 2025 The Scrutiny. Designed by Design Streams.

    • Privacy Policy
    • Terms
    • Accessibility

    Type above and press Enter to search. Press Esc to cancel.