. Presents 2025-2027 MTEF /FSP to NASS for approval
Ignatius Okorocha, Abuja
President Bola Ahmed Tinubu has formally requested the National Assembly’s approval to implement a new external borrowing of $2.209 billion.
This is as the President equally presented the Medium Term Expenditure Framework and Fiscal Strategy Paper (2025-2027 MTEF/FSP) to the Red chamber for consideration and approval.
In a letter addressed to the President of the Senate,Senator Godswill Akpabio and read at the floor of the Senate, Tinubu request for the resolution of the National Assembly for the implementation of the new external borrowing of 1,767,102,179.00.
That’s about 2.209 billion U.S. dollars already enshrined in the 2024 Appropriation Act In accordance with the provisions of Sections 21, 1, and 27 Subsection 1, the State Management Office DMO established Act 2003 and the approval of the Federal Executive Council
According to the President,”I write the request for a resolution of the National Assembly to raise the sum of 2.2 … Thank you for watching. $106, added as new external borrowing in the 2024 Appropriations Act, part financed the budget to about $9.17 trillion.”
President Tinubu in another letter to the Senate which was read by Senator Akpabio on Tuesday,requested the upper chamber’s approval for 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper (FSP) that was approved during the Federal Executive Council meeting of 10th day of November 2024.
The President said,” the Senate is invited to note that as the 2025 budget of the Federal Government of Nigeria will be prepared based on the parameters and fiscal assumptions of the approved 2025-2027 MTEF and FSP it is imperative to seek National Assembly’s expeditious legislative action in this submission.
He further said “I trust that the Senate will consider the passage of this submission expeditiously. Please accept the assurances of my highest regards. Sincerely, Bola Ahmed Tinubu President and Chief Armed Forces of the Federal Republic of Nigeria.”
Akpabio thereafter referred it to the committees on Finance and National Planning and Economic Affairs.
