President Tinubu Seeks Senate Approval for $8.6 Billion and €100 Million Borrowing Plan

President Bola Tinubu’s administration has formally requested the approval of the Nigerian Senate for a borrowing plan totaling $8.6 billion and €100 million.

The request was presented to the Senate through a letter read during the plenary by the Senate President, GodsWill Akpabio.

According to the letter, the proposed funds are integral to the federal government’s 2022-2024 external borrowing plan, previously sanctioned by the administration of former President Muhammadu Buhari.

Tinubu clarified that the projects earmarked for funding through this loan cut across diverse sectors, emphasizing their selection based on rigorous economic evaluations and their anticipated contributions to national development.

The letter highlighted, “The projects and programs in the borrowing plan were selected based on economic evaluations as well as the expected contribution to the socio-economic development of the country, including employment generation, and skills acquisition.”

The specified sectors earmarked for development include infrastructure, agriculture, health, water supply, roads, security, and employment generation, along with financial management reforms.

The borrowing plan’s comprehensive approach aims to address critical needs and propel the nation’s progress.

President Tinubu emphasized 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.”

This appeal follows previous successful requests, including the National Assembly’s approval of an over $800 million loan for the National Social Safety Network Programme in August.

Also, the assembly greenlighted the 2022 Supplementary Appropriations Act of N819 million to provide palliatives to Nigerians, mitigating the impact of fuel subsidy removal.

As the deliberations unfold, the Senate’s decision on this substantial borrowing plan will play a pivotal role in shaping Nigeria’s economic trajectory.