By Milcah Tanimu

The federal government of Nigeria is considering a new borrowing of N7.24 trillion in 2024 to support its Accelerated Stabilisation and Advancement Plan (ASAP), aimed at enhancing economic stability and growth.

Finance Minister Wale Edun revealed that ASAP is designed to tackle key challenges impeding reforms and promote development across various sectors. This proposed loan is part of the government’s strategy to address the N9.18 trillion deficit in the 2024 budget, which includes plans for N7.83 trillion in new borrowings.

The ASAP focuses on critical areas such as infrastructure, healthcare, education, and agriculture, aiming to boost economic resilience and reduce oil dependency. The government’s fiscal strategy seeks to navigate increased national debt while ensuring effective use of borrowed funds to achieve economic progress.