President Bola Tinubu has written to the National Assembly for approval of a fresh $2.2 billion loan.

According to a letter read during yesterday’s plenary by the Speaker of the House of Representatives, Tajudeen Abbas, if approved, the loan will be used to finance part of the budget deficit of N9.7tn in the 2024 budget.

President Bola Tinubu has also transmitted the 2025–2027 Medium-Term Fiscal Framework (MTF) and Fiscal Strategy Paper (FSP) to the Senate, to guide preparation for the 2025 budget.

In a letter addressed to the President of the Senate, Godswill Akpabio, Tinubu said the 2025 budget would be prepared based on the parameters and fiscal assumptions outlined in the MTF/FSP.

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