President Bola Tinubu has formally requested the Senate’s consideration and approval for a loan totaling $8,699,168,559 and €100 million as part of the federal government’s 2022-2024 external borrowing plan. Senate President Godswill Akpabio read Tinubu’s letter of request during Tuesday’s plenary session.
President Tinubu highlighted that the World Bank and African Development Bank had expressed interest in supporting the loan, pledging $1 billion and N1.5 billion, respectively. The proposed loan is earmarked for critical sectors such as infrastructure, agriculture, health, roads, security, and employment.
He stated, ‘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.’
Emphasizing the selection criteria, President Tinubu noted that the projects and programs in the borrowing plan underwent economic evaluations, considering their expected contribution to the country’s socioeconomic development, including employment generation and skills acquisition.
In light of the nature of these facilities and the urgency to restore the country to normalcy, President Tinubu urged the Senate to consider and approve the 2022-2024 external abridged borrowing plan to enable the government to fulfill its responsibilities to the Nigerian people.
Earlier reports by SPRINGNEWS had indicated that President Tinubu had written to the Senate regarding the 2024 budget presentation, scheduled for Wednesday.