by Nurat Uthman
President Bola Ahmed Tinubu on Tuesday forwarded the National Social Investment Programme Agency Establishment Amendment Bill 2024 to the Senate for approval.
The proposed amendment is aimed at strengthening the framework for implementing the government’s social welfare programmes, ensuring greater transparency and efficiency.
In a correspondence, President Tinubu explained that the amendment seeks to designate the National Investment Register as the primary tool for targeting beneficiaries of social investment initiatives.
This measure, he said, would ensure that welfare programmes are data-driven and deliver effective social protection to Nigeria’s most vulnerable citizens.
The President also asked the National Assembly to approve fresh N1.767trn external borrowing plan in support of the 2024 Budget.
Tinubu conveyed his request in a letter written to Senate President Godswill Akpabio and Speaker of the House of Representatives, Tajudeen Abbas.
The presiding officers read the letter during plenary, on Tuesday.
He said if approved, the loan would be used to partly finance the N9.7trn deficit in the 2024 budget.
Tinubu said his request, which has been approved by the Federal Executive Council (FEC), aligns with Section 21(1) and 27(1) of the Debt Management Office Act.
The president has also forwarded the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) 2025-2027 to the National Assembly 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.
The Federal Government had approved a $2.2billion external borrowing plan last week.
The president’s letter outlined three potential financing options to raise the required funds which include issuance of Eurobonds, Sovereign Sukuk and Bridge Finance/Syndicated Loans.
