On November 28, President Bola Tinubu urged the Senate to deliberate and approve his request for a loan totaling $8,699,168,559 and €100 million, a crucial component of the federal government’s 2022–2024 external borrowing plan. Senate President Godswill Akpabio presented Tinubu’s letter during a plenary session, revealing that both the World Bank and the African Development Bank are willing to contribute $1 billion and N1.5 billion, respectively, in support of the loan.
Tinubu’s letter, titled “2022-2024 External Borrowing Plan,” emphasized the need for the National Assembly’s prompt approval to ensure the timely implementation of the projects outlined. He pointed out that the borrowing plan, previously approved by the Federal Executive Council on May 15, 2023, spans various sectors, with a focus on infrastructure, agriculture, health, water supply, roads, security, employment generation, and financial management reforms.
The requested approval amounts to $8,699,168,559 and €100 million, with Tinubu underscoring the economic evaluations and expected contributions to the country’s socio-economic development, including employment generation and skills acquisition. Given the nature of these facilities and the urgency to restore normalcy, Tinubu stressed the Senate’s crucial role in approving the abridged borrowing plan for 2022-2024.
Subsequently, Senate President Akpabio referred the executive request to the Senate Committee on Foreign and Local Debts for further legislative scrutiny, with a directive to report at plenary within one week.
In a related development, on Monday, the Federal Government approved a total expenditure of N27.5 trillion for the 2024 Appropriation Bill. Minister of Budget and National Planning, Atiku Bagudu, disclosed this after the weekly FEC meeting, noting that the bill, with an initial exchange rate of N700 to a dollar and a crude oil benchmark of $73, was reviewed to enhance revenue. The revised MTEF proposes an exchange rate of N750 to a dollar and a crude oil benchmark of $77, aiming to significantly boost revenue.
President Tinubu is set to present the 2024 budget to the National Assembly on Wednesday, November 29, for review and approval. These financial measures underscore the government’s strategic efforts to address economic challenges, promote development, and ensure the effective functioning of essential sectors.
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