President Bola Ahmed Tinubu has urged the Senate to approve the National Social Investment Programme Agency Establishment Amendment Bill 2024.
The bill, forwarded on Tuesday, seeks to overhaul the social welfare framework by designating the National Investment Register as the primary tool for identifying beneficiaries.
In his correspondence to Senate President Godswill Akpabio and House Speaker Tajudeen Abbas, Tinubu emphasised the amendment’s importance.
“This measure will ensure that welfare programmes are data-driven and deliver effective social protection to Nigeria’s most vulnerable citizens,” he stated.
The president also requested approval for a N1.767 trillion external borrowing plan to finance the N9.7 trillion deficit in the 2024 budget partially.
Tinubu noted that the proposal, endorsed by the Federal Executive Council (FEC), complies with the Debt Management Office Act.
He explained the borrowing plan in detail, highlighting three potential financing options: Eurobonds, Sovereign Sukuk, and Bridge Finance/Syndicated Loans.
The funds are expected to bolster Nigeria’s fiscal position and facilitate the smooth implementation of the federal budget.
This comes days after the government approved a $2.2 billion external borrowing plan. Tinubu’s administration prioritises fiscal reforms to address the nation’s economic challenges.
The Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027 were also submitted to the National Assembly for review.
Tinubu’s strategic emphasis remains on streamlining government programmes for greater efficiency and transparency.
The proposals were read during Tuesday’s plenary sessions in both chambers of the National Assembly, signalling the president’s focus on securing legislative backing for his administration’s fiscal and social initiatives.