Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,212,418 members, 8,014,772 topics. Date: Wednesday, 27 November 2024 at 02:30 PM

Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing (8911 Views)

President Tinubu Seeks Senate Approval For Fresh $8.6billion, €100million Loans / Buhari Seeks Senate Approval For $800M World Bank Loan / Buhari Appoints 41 Non-Career & 1 Career Ambassadors, Seeks Senate's Approval (2) (3) (4)

(1) (2) (3) (4) (Reply) (Go Down)

Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by Bobloco: 2:17pm On Nov 19
Nigeria’s President Bola Tinubu has written to the National Assembly to approve a fresh N1.767 trillion as a new external borrowing plan in the 2024 appropriation act.


According to the president, the loan is based on an exchange rate of N800 to $1.

Tinubu’s request was read by the speaker, Tajudeen Abbass, during plenary on Tuesday.

Accordingly, if approved, the loan will be used to part-finance the budget deficit of N9.7 trillion for the 2024 budget.


The president has also forwarded the MTEF/FSP 2025-2027 to parliament and the National Social Investment Programme establishment amendment bill to make the social register the primary tool for the implementation of the federal government’s social welfare programmes.

Last Thursday, the Federal Executive Council, FEC, approved a $2.2 billion external borrowing plan as part of the Federal Government’s 2024 Appropriation Act financing program.


With the latest move to get an additional $2.2 billion fresh borrowing plan, DAILY POST reports that Nigeria’s external debt may increase to $45.1 billion by the end of 2024.

This is as the Central Bank of Nigeria recently said the Federal Government spent $3.58 billion servicing the country’s foreign debt in the first nine months of 2024.

CBN’s data on international payment statistics showed that the amount represents a 39.77 per cent increase from the $2.56 billion spent during the same period in 2023.


According to the report, while the highest monthly debt servicing payment in 2024 occurred in May, amounting to $854.37m, the highest monthly expenditure in 2023 was $641.70m, recorded in July.

External debt for the states and the Federal Capital Territory also climbed from $4.61bn to $4.89bn within the period under review.

In another letter, the President asked the Senate for an Amendment to the National Social Investment Agency Act to make the social register the main source of data for all investment programmes.
https://dailypost.ng/2024/11/19/tinubu-seeks-the-senates-approval-of-fresh-n1-767tn-external-borrowing/

2 Likes

Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by TemplarLandry: 2:17pm On Nov 19
cool
Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by Bobloco: 2:18pm On Nov 19
sad
Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by Racoon(m): 2:20pm On Nov 19
No sane country borrow or tax itself to prosperity especially in a corrupt setting like Nigeria. Let the government continue to mortgage its citizens and this nation into chronic irredeemable indebtedness

78 Likes 9 Shares

Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by Beremx(f): 2:30pm On Nov 19
Tinubu and borrow borrow❌
Each Nigerian owing gbese of 650k✅

29 Likes 2 Shares

Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by Donchieli: 2:36pm On Nov 19
Ewo

5 Likes 2 Shares

Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by TableLeg(m): 2:36pm On Nov 19
Renewed Shege!
Efeeeku.

18 Likes

Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by nairalanda1(m): 2:36pm On Nov 19
angry

The reasonwhy they borrow is simple

The alternative is removing subsides on power and education and health And taxing the 70% of people who don't pay taxes to federal and state governments as well as taxing the rich and making sure the corrupt have an appointment with Dr Guillotin.

Nigerians leaders don't want to do that because it means they get removed from office and sent to Dr Guillotin. So,borrow borrow borrow.

As tinubu has done , so have his predecessors


Nigerian politicians can sacrifice the economy to Molech if it gives them power for another minute.

( Reality is hard)


In plain English, Nigeria needs a budget of over 200 trillion naira to give everyone the good life. We don't have that, and the oil which makes up most of our revenue can only supply enough for a country of one million people. Our leaders are scared to take the hard road because it means they lose power. So, borrow and run away from reality.

Like our beloved frog eyes is doing.. lol

32 Likes 2 Shares

Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by obi4eze(m): 2:37pm On Nov 19
shocked

Na wa o!
Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by iichidodo: 2:37pm On Nov 19
They want to print more naira but they will need external foreign exchange cash injection to underwrite this brazen looting, if not, it will cause a massive devaluation and inflation..

7 Likes

Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by reiddecuti: 2:37pm On Nov 19
Baba T-Pain continue borrowing, I support you until Nigerians get sense and begin to question government abnormally and engage directly in the governance of the country.


Until then, let's join hands and reck this country until we say we're tired!

7 Likes

Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by kuntash: 2:38pm On Nov 19
Racoon:
No sane country borrow or tax itself to prosperity especially in a corrupt setting like Nigeria. Let the government continue to mortgage its citizens and this nation into chronic irredeemable indebtedness

The bolded is what those supporting the govt actions need to understand

10 Likes

Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by Capillary88(m): 2:38pm On Nov 19
Why na?
God what did we do to deserve these type of thieves as our leaders?
God why?

4 Likes

Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by BoldBrainz(m): 2:38pm On Nov 19
I been tell una say that Indian Prime Minister visit na preparation for fresh borrowing.

If Nigerian politics and leaders been dey SportyBet, some of us for don use am blow. E no hard to predict this APC government.

9 Likes

Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by smartemperor042: 2:39pm On Nov 19
shocked shocked shocked
Response from Daniel Bwala and all the recruited attack dogs(+ their low budget ants here eg: Hell-Anus):

Peter Obi also borrowed when he was a Governor. grin grin grin

Emilokon 1 of Africa!!!

7 Likes 2 Shares

Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by chicfarmer: 2:39pm On Nov 19
We never finance 2024 budget finish and them don submit 45trillion budget for 2025. undecided
Who we dey deceive shocked
At this rate we will soon run out of creditors.

8 Likes 1 Share

Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by lomprico(m): 2:39pm On Nov 19
Borrow and loot, borrow and loot.
Nothing to show for all that has been borrowed.
Money saved for so called subsidy, zero!
I think what tinubu has borrowed so far has surpassed what buhari borrowed in this entire 8yrs

11 Likes

Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by BoldBrainz(m): 2:39pm On Nov 19
nairalanda1:
angry

The reasonwhy they borrow is simple

The alternative is removing subsides on power and education and health And taxing the 70% of people who

You don start again abi?

9 Likes 3 Shares

Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by salem1996: 2:39pm On Nov 19
More jets and Escadas loading..


More Lootings......

More countries about to get hotels ....

More punishment upon his S-,electors

4 Likes

Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by Lawalemi(m): 2:40pm On Nov 19
From Buhari to Tinubu. Nigeria is doomed

4 Likes

Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by iwaeda: 2:40pm On Nov 19
The same economy Wale Edun said, Tinubu stopped from bleeding. If they are SAVING from Subsidy, how come they are borrowing like grave. By the time APC finished, Somalia index will be 100 times better. grin grin grin grin grin cry cry

12 Likes

Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by chucks185: 2:40pm On Nov 19
The thief is in charge

4 Likes

Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by owiko(m): 2:40pm On Nov 19
E
Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by obataokenwa(m): 2:40pm On Nov 19
If you need an example of how God rejected Saul in the Bible, look no further. Whatever this man does will turn to sand.

4 Likes

Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by Confirm4real(m): 2:41pm On Nov 19
He's continueing from where Buhari stopped shekina wink
Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by tydi(m): 2:41pm On Nov 19
Theif! Ole!! Barawo!!! Oye oshi!!!
Make una catch am put tyre for him neck burn am .
Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by Ibehchizzy: 2:41pm On Nov 19
Akpamu sorry akpabio is his boy
It will be approved asap
Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by nairalanda1(m): 2:41pm On Nov 19
BoldBrainz:


You don start again abi?

Enjoy your government.

Enjoy sugar candy land too. Moses is hopefully there to guide you

2 Likes

Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by salem1996: 2:42pm On Nov 19
Capillary88:
Why na?
God what did we do to deserve these type of thieves as our leaders?
God why?

God has no hand in this....
People have the right to reject God's guidance and choices even after clear instructions.
What is happening to Nigeria is a consequences of having more fools than wise men.

3 Likes 1 Share

Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by Shadomaan7: 2:42pm On Nov 19
That would be a yearly debt servicing of over N3 trillion. That's cool.
Re: Tinubu Seeks Senate’s Approval Of Fresh ₦‎1.767 Trillion External Borrowing by AustineE1: 2:42pm On Nov 19
Ok

(1) (2) (3) (4) (Reply)

Sylva Opposes Report On Reclaimed 48 Houses / See the hilarious moment indigenes escort Herdsmen out of their community / Those Who Swallow Anything Without Verifying, See This (pic)

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 26
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.