President Bola Ahmed Tinubu has written to the National Assembly (NASS) seeking approval to borrow N1.767 trillion as part of the 2024 Appropriation Act to address the budget deficit.

The letter, read by Speaker of the House of Representatives Tajudeen Abbas during Tuesday’s plenary session, revealed that the 2024 budget has a N9.7 trillion deficit. The proposed loan is aimed at reducing this figure to N8 trillion.

In a separate correspondence dated November 19, 2024, President Tinubu also transmitted the 2025–2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly for legislative review.

He urged the lawmakers to expedite their consideration and passage of the three-year financial plan, emphasizing that timely approval would facilitate the preparation of the 2025 federal budget.

Additionally, the president also requested the House of Representatives to pass the National Social Investment Programme Agency (Establishment) (Amendment) Bill, 2024. The amendment seeks to revise the National Social Investment Programme Agency Act, 2023.

According to President Tinubu, the amendment aims to designate the National Social Register as the primary tool for identifying beneficiaries of the government’s social investment programmes.

This approach will ensure that social welfare initiatives are data-driven, transparent, targeted, and effective in delivering benefits to vulnerable Nigerians.

The House of Representatives adjourned its session to attend the valedictory session in honor of the late Senator Ifeanyi Ubah.