President Bola Tinubu has requested the Senate to review and approve his proposal for a loan of $8,699,168,559 and €100 million as part of the federal government’s external borrowing strategy for 2022-2024.
On Tuesday, November 28, Senate President Godswill Akpabio read Tinubu’s letter of request in plenary.
Tinubu stated that the World Bank and the African Development Bank have expressed interest in funding the loan with $1 billion and N1.5 billion, respectively.
The President’s letter titled: “2022-2024 external borrowing plan” read: “I write 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.
“The Senate may wish to note that the past administration approved a 2022-2024 borrowing plan by the Federal Executive Council (FEC) held on May 15, 2023.
“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.
“| would like to underscore 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.
“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 20222024 external abridged borrowing plan to enable the government deliver its responsibility to Nigerians.”
Senate president Akpabio then submitted the executive proposal to the Senate Committee on Foreign and Debts for more legislative action with a one-week time frame to report at the plenary.