The Nigerian Senate has approved a request by President Tinubu to borrow US$7.8 billion and 100 million Euros.
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The President had earlier in the day written to the Senate requesting consideration and early approval of the 2022-2024 External Borrowing Plan to ensure prompt implementation of projects.
In a letter read by the Senate President, Godswill Akpabio, at the plenary on Wednesday, Tinubu said that the loan which was approved on 15 May by the Federal Executive Council under Buhari, if approved would be used to finance infrastructure, health, education, agriculture, insecurity and other sectors.
The President however, did not state where the loan will be obtained from. He stated that the African Development Bank (AfDB) and the World Bank Group (WBG) have indicated interest in assisting the country in mitigating the economic shores and recent reforms with a sum of $1 billion and $2 billion respectively.
The Senate also approved the appointment of seven of the nominees of President Tinubu as Residents Electoral Commissioners.
President Tinubu had also on Wednesday announced Tinubu’s request for confirmation of the Nomination of the 10 Resident Electoral Commissioners for the Independent National Electoral Commission (INEC) in accordance with the provisions of Section 154(1) of the constitution, with the Senate commencing their screening.
The nominees approved are Mr Etekamba Umoren – Akwaibom; Mr Isha Ehimeakne from Edo; Barr. Oluwatoyin Babalola- Ekiti; Mr Abubakar Ahmed – Gombe; Shehu Wahab – Kwara; Aminu Idris – Nasarawa; Mohammed Abubakar Sadiq – Niger.
The remaining three nominees were not present for screening.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
