President Bola Tinubu has written to the Nigerian Senate seeking approval for US$8.6bn and €100m new loans.
The President in the letter stated that the request was part of the Federal Government’s 2022-2024 external borrowing plan approved by the Federal Executive Council held on May 15, 2023.
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According to the letter read by Senate President, Godswill Akpabio, at the plenary on Tuesday, monies realised will be used to fund projects across all sectors, with specific emphasis on infrastructure, agriculture, health, water supply, roads, security, and employment generation as well as financial management reforms.
“I write in respect of the above subject and to submit the attached the federal government 2022-2024 external borrowing plan for consideration and early approval of the National Assembly to ensure prompt implementation of the projects,” Tinubu said in the letter.
“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.
“I 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 2022- 2024 external abridged borrowing plan to enable the government deliver its responsibility to Nigerians.”
Nnamdi Maduakor is a Writer, Investor and Entrepreneur