President Bola Ahmed Tinubu has urged the Senate to approve the National Social Investment Programme Agency Establishment Amendment Bill 2024, a key proposal aimed at reforming Nigeria’s social welfare system.

In a letter addressed to Senate President Godswill Akpabio and House Speaker Tajudeen Abbas on Tuesday, Tinubu emphasized the bill’s potential to enhance the efficiency of welfare programs. He pointed out that the amendment would create the National Investment Register, a vital tool for identifying beneficiaries and ensuring that social protection efforts are data-driven and effectively targeted at the country’s most vulnerable citizens.

Additionally, the president called for legislative approval of a N1.767 trillion external borrowing plan to partially finance the N9.7 trillion deficit in the 2024 budget. The proposal, which has been endorsed by the Federal Executive Council (FEC), complies with the Debt Management Office Act and outlines three financing options: Eurobonds, Sovereign Sukuk, and Bridge Finance/Syndicated Loans.

“These funds are essential to strengthen Nigeria’s fiscal position and enable the effective implementation of the federal budget,” Tinubu explained in his letter. The request follows the recent approval of a $2.2 billion external borrowing plan, reflecting the administration’s focus on fiscal reforms to address economic challenges.

In addition to the borrowing plan, the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027 were submitted to the National Assembly, signaling Tinubu’s broader strategy to streamline government operations and improve transparency.

These proposals were presented during Tuesday’s plenary sessions in both chambers of the National Assembly, underscoring the president’s drive to secure legislative backing for his fiscal and social initiatives.