Tinubu writes senate, seeks permission to borrow $8.7bn, €100 million

President Bola Tinubu

Nigeria's President, Bola Tinubu

By Kazeem Ugbodaga

President Bola Tinubu has written the Senate seeking permission to borrow $8,699,168,559 and €100 million for infrastructure development and others.

The letter was read on the floor of the Upper Chamber on Tuesday. The letter is titled: “2022-2024 external borrowing plan.

The president said he wrote 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.

He said the Senate might wish to note that the past administration approved a 2022-2024 borrowing plan by the Federal Executive Council (FEC) held on May 15, 2023.

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Tinubu stated that 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 in the sum of $8,699,168,559 and €100 million,” he said in the letter.

Tinubu underscored 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.

According to the president, given the nature of these facilities, and the need to return the country to normalcy, it had 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.

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