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President Tinubu Seeks Senate Approval for 2025-2027 Fiscal Framework, $2.2 Billion Borrowing Plan

November 20, 2024

President Bola Ahmed Tinubu has presented the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate, requesting their approval to pave the way for the 2025 budget proposal.

The letter conveying the documents was read to senators on Tuesday by Senate President Godswill Akpabio. In his communication, Tinubu emphasized the need for expeditious consideration, explaining that the MTEF and FSP would form the basis for the 2025 budget projections.

In a separate request, Tinubu sought the Senate’s resolution to approve a $2.2 billion borrowing plan to finance the N9.7 trillion deficit in the 2024 budget.

The borrowing is intended to bridge the funding gap in the 2024 fiscal year and ensure the execution of critical government projects.

The President’s proposals come as Nigeria grapples with fiscal challenges, including rising debt levels and the need for economic reforms to spur growth and development.

Senate deliberations on both requests are expected to commence shortly, with the MTEF/FSP and borrowing plan likely to dominate discussions in the coming weeks.

Written by Adeyemi Adewale




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