A potential showdown is looming in the House of Representatives this week between lawmakers from the ruling party and their opposition counterparts over President Bola Tinubu’s $2.2 billion loan request. The request, contained in a letter to the parliament, aims to fund the N9.7 trillion deficit in the 2024 budget.
According to Deputy Spokesperson Philip Agbese, the House will have no trouble approving the external borrowing request, as long as it is meant for executing capital projects across the country. Agbese justified the President’s quest to borrow more, citing the government’s prudent management of resources and investment in critical infrastructure.
Key Points:
- Loan Request: President Tinubu’s $2.2 billion loan request aims to fund the N9.7 trillion deficit in the 2024 budget.
- House Approval: The House of Representatives is expected to approve the loan request, with Deputy Spokesperson Philip Agbese stating that the House will have no trouble approving the request.
- Investment in Infrastructure: Agbese justified the President’s quest to borrow more, citing the government’s investment in critical infrastructure such as roads, health, education, and agriculture.
- Debt Burden: Nigeria’s total public debt currently stands at N136 trillion, but Agbese assured that the loan will be used for the intended purpose and not diverted.
The Senate has already approved the loan request, and the House is expected to debate and approve it later in the week.
