Tinubu Set To Borrow $7.8bn, €100m Loans, Seeks Senate Approval

Tinubu Set To Borrow $7.8bn, €100m Loans, Seeks Senate Approval

Fawaz Adebisi

A day after proposing a N2.18 trillion supplementary budget to the National Assembly, President Bola Tinubu has requested the Senate to approve another $7.8 billion and €100 million loans for various projects and programmes in the country.

The President’s letter to the Senate was read by Senate President Godswill Akpabio during the plenary on Wednesday.

The letter stated that the 2022-2024 borrowing plan was approved by the Federal Executive Council on May 15, 2023.

The President said that the projects and programmes covered all sectors, with special focus on infrastructure, agriculture, health, education, water supply, security and employment, as well as financial management reforms.

He also said that the African Development Bank and the World Bank Group had offered to support Nigeria with $1 billion and $2 billion respectively, to cushion the economic effects of the recent removal of fuel subsidy and other reforms.

The President emphasized that the projects and programmes were selected based on positive technical economic evaluations and their expected contribution to the social economic development of the country, including job creation, skill acquisition, poverty reduction and food security.

He added that the projects and programmes would be implemented in all 36 states of the federation and the Federal Capital Territory.

He urged the Senate to consider and approve the 2022-2024 external borrowing plan, to enable the government to deliver its responsibilities to Nigerians through timely disbursement and efficient project execution.


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