Tinubu seeks Senate’s nod for $8.6bn, €100m loan

Tinubu seeks Senate’s nod for $8.6bn, €100m loan

President Bola Ahmed Tinubu has formally requested Senate approval for the sum of $8,699,168,559 and €100 million in the 2022 – 2024 borrowing plan.

President of the Senate, Godswill Akpabio, read Tinubu’s letter at plenary on Tuesday.

Checks revealed that the immediate past administration approved the borrowing plan at its Federal Executive Council meeting held on May 15, 2023.

Tinubu in his letter pleaded with the Senate to give expeditious approval to his request as he noted that an abridged borrowing plan tied to provision of social infrastructure, security, employment generation will “enable the government deliver its responsibility to Nigerians.”

The letter reads in part: “I write in respect of the above subject and to submit the attached 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 for $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 deliver its responsibility to Nigerians.”