Home National President Tinubu seeks senate approval for $8.6bn, €100m loan

President Tinubu seeks senate approval for $8.6bn, €100m loan

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President Bola Ahmed Tinubu has asked the Senate for approval to borrow $8,699,168,559 and €100 million to fund essential projects in various sectors.

Tinubu’s request was contained in a letter read at plenary by Senate President Godswill Akpabio.

Tinubu said the request was part of the federal government’s 2022-2024 foreign borrowing strategy, which was approved by the administration of former President Muhammadu Buhari.

According to him, the projects to be funded with the loan span many sectors of the economy and were chosen based on economic appraisal and the predicted contribution to the country’s development.

The letter reads, “I write in respect of the above subject and to submit the attached the federal government 2022-2024 external borrowing plan for consideration and early approval of the National Assembly to ensure prompt implementation of the projects.

“The Senate may wish to note that the past administration approved a 2022-2024 borrowing plan by the Federal Executive Council (FEC) held on May 15, 2023.

“The project cuts across all sectors, with specific emphasis on infrastructure, agriculture, health, water supply, roads, security, and employment generation as well as financial management reforms.

“Consequently, the required approval is $8,699,168,559 and €100 million.

“I would like to underscore the fact that the projects and programmes in the borrowing plan were selected based on economic evaluations as well as the expected contribution to the social economic development of the country, including employment generation, and skills acquisition.

“Given the nature of these facilities, and the need to return the country to normalcy it has become necessary for the Senate to consider and approve the 2022- 2024 external abridged borrowing plan to enable the government to deliver its responsibility to Nigerians.”

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