The president’s request was presented to lawmakers by the Speaker during Tuesday’s plenary session.
In addition to the borrowing proposal, President Tinubu has also submitted the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025-2027, as well as the National Social Investment Programme Establishment Amendment Bill.
The bill aims to make the national social register the central tool for implementing the federal government’s social welfare initiatives.
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Meanwhile, the Central Bank of Nigeria (CBN) has reported that the Federal Government spent $3.58 billion servicing the country’s foreign debt in the first nine months of 2024.
This represents a 39.77% increase compared to the $2.56 billion spent during the same period in 2023.
The CBN’s international payment statistics show that May 2024 saw the highest monthly debt servicing payment at $854.37 million, a significant rise from the $641.70 million recorded in July 2023.
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The data reveals a growing trend in Nigeria’s debt servicing costs, with notable fluctuations over the months.
In January 2024, debt servicing costs surged by 398.89%, reaching $560.52 million compared to $112.35 million in January 2023. February saw a slight reduction of 1.84%, with payments dropping from $288.54 million in 2023 to $283.22 million in 2024.
However, March experienced a 31.04% decrease in payments, falling from $400.47 million in 2023 to $276.17 million in 2024. April recorded a sharp increase of 131.77%, with $215.20 million paid in 2024, up from $92.85 million in 2023.
The highest debt servicing amount was recorded in May 2024, reflecting a dramatic 286.52% rise to $854.37 million, compared to $221.05 million in May 2023.
In June, however, there was a slight decrease of 6.51%, with payments dropping to $50.82 million from $54.36 million in 2023. Payments further declined in July by 15.48%, down to $542.50 million from $641.70 million in July 2023.
In August, there was another reduction of 9.69%, with $279.95 million paid, compared to $309.96 million in 2023.
However, September saw a 17.49% increase, with debt servicing rising to $515.81 million, up from $439.06 million in September 2023.
These figures underscore the rising pressure of Nigeria’s foreign debt obligations, especially in the context of fluctuating exchange rates, which could further strain the country’s finances.
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