President Bola Ahmed Tinubu on Tuesday forwarded the National Social Investment Program Agency Establishment Amendment Bill 2024 to the Red Chamber for endorsement.
The proposed alteration is pointed toward reinforcing the structure for executing the public authority’s social government assistance programs, guaranteeing more prominent straightforwardness and productivity.
Through correspondence, President Tinubu explained that the amendment seeks to assign the National Investment Register as the essential tool for targeting beneficiaries of social investment initiatives.
He explained that this action, would guarantee that welfare programmes are information driven and deliver effective social insurance to Nigeria’s most weak citizens.
The President additionally requested the Red Chamber to endorse fresh N1.767trn external borrowing plan to support of the 2024 Financial Budget.
Tinubu passed his solicitation in a letter written to Red Chamber President Godswill Akpabio and Speaker of the Green Chamber, Tajudeen Abbas.
The presiding officials read the letter during plenary, on Tuesday.
He said if endorsed, the loan would be utilized to partly finance the N9.7trn deficit in the 2024 budget.
President Tinubu said his solicitation, which has been endorsed by the Federal Executive Council (FEC), lines up with Section 21(1) and 27(1) of the Debt Management Office Act.
The president has likewise sent the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) 2025-2027 to the National Assembly and the National Social Investment Program Establishment Amendment Bill, to make the social register the primary tool for the execution of the federal government’s social welfare programmes.
The Federal Government had approved a $2.2billion external borrowing plan a week ago.
The president’s letter framed three potential financing options to raise the necessary funds which includes issuance of Eurobonds, Sovereign Sukuk and Bridge Finance/Syndicated Loans.
