Tinubu Seeks Approval for $8.6bn, €100m Loans
President Bola Tinubu

President Bola Tinubu has sought the approval of the Senate for 2023-2024 external borrowing plan of 8.6 billion dollars and 100 million euros. This is contained in a letter addressed to the President of the Senate, Godswill Akpiabio and read at plenary on Tuesday.

Tinubu said the request for the borrowings was earlier contained in the 2022 to 2024 External borrowing plans approved by the administration of President Muhammadu Buhari at the Federal Executive Council on May 15.

He said that it had become imperative that the Federal Government resort to prudent external borrowing to breach the financial gap. He said the fund would be used to execute key infrastructure projects including power, railway, and health among others.

“The projects cut across all sectors with specific emphasis on infrastructure, agriculture, health, education, water supply, security, employment generation amongst others, ” he said.

He said following the removal of fuel subsidy and its attendant impact on the economy, the African Development Bank (AFDB) and the World Bank Group have indicated interest to assist Nigeria in mitigating the impact.

He said the projects and programmes in the borrowing plan were selected based on positive technical economic evaluation and their expected contribution to the social economic development of the country.

He also listed employment generation, skills acquisition, support towards the emergence of entrepreneurs, poverty education and food security to improve the livelihood of Nigerians as reasons for the facility.

Akpiabio mandated the Senate Committee on Local and Foreign Debt to look at the letter for further legislative work and report back in one week. # Tinubu Seeks Approval for $8.6bn, €100m Foreign Loans Naira Devaluation Deepens Economic Crisis in Nigeria