President Bola Tinubu has formally requested the Senate’s consideration and approval for a substantial loan totaling $8,699,168,559 and €100 million, forming a crucial part of the federal government’s external borrowing plan spanning 2022 to 2024.
Senate President, Godswill Akpabio, read Tinubu’s letter of request during a plenary session on Tuesday.
Highlighting international support, President Tinubu informed the Senate that both the World Bank and the African Development Bank have pledged their interest to bolster the loan with $1 billion and N1.5 billion, respectively.
The President outlined the diverse areas the funds are earmarked for, including infrastructure, agriculture, health, roads, security, and employment.
In his statement to the Senate, President Tinubu emphasized, “The projects and programmes in the borrowing plan were selected based on economic evaluations and their expected contribution to the country’s socioeconomic development, including employment generation and skills acquisition.”
He further stressed the urgency of the Senate’s approval, stating, “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.”
InfoStride News previously reported President Tinubu’s communication to the Senate regarding the 2024 budget presentation scheduled for Wednesday.
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