Tinubu’s Loan Request
After a two-week break, members of the House of Representatives returned to work on Tuesday. Why the lawmakers decided to embark on a recess in the middle of the usually busy third quarter remains puzzling.
To underscore how busy the quarter typically is, by the time plenary commenced, three letters from the president were awaiting them. With less than six weeks to the end of the year, the lawmakers are expected to focus on the 2025 budget, which is anticipated to arrive shortly.
However, upon resumption, the lawmakers received a letter from President Bola Tinubu requesting their approval to borrow an additional ₦1.7 trillion to finance the 2024 budget. The loan, equivalent to approximately $2.209 billion, is to be sourced through the issuance of Eurobonds in the open market.
In the letter read by Speaker Abbas Tajudeen, the president outlined three major sources being considered for the loan. The first option, he explained, is to raise…