Report: Tinubu Government Eyes N6.6 Trillion Borrowing to Address Budget Gaps

Nigeria’s President, Ahmed Bola Tinubu, plans to borrow an additional N6.6 trillion in 2024 to address budget deficits. The “Accelerated Stabilisation and Advancement Plan” (ASAP) is intended to tackle challenges resulting from economic growth-stimulating reforms.

Developed by the finance ministry in collaboration with private sector leaders and economists, the ASAP seeks to manage obstacles stemming from reforms aimed at boosting the economy.

The plan suggests that the government divest equity in its refineries by May 2026, raise excise duties on beverages, and implement taxes on single-use plastics and sugary drinks to raise funds.

Furthermore, the government aims to increase oil production to about 2 million barrels per day by December to improve cash flow and bridge revenue shortfalls. Despite facing pushback from labor unions regarding the cost of living increase due to his reforms, Tinubu remains determined not to backtrack on his policies.