Tinubu requests Senate approval for a loan totaling $8.6 billion and €100 million.


President Bola Ahmed Tinubu has formally requested the Senate’s approval for a loan amounting to $8,699,168,559 and €100 million. The Nigerian leader emphasized that the funds would be allocated for essential projects across various sectors. He clarified that this loan request is part of the federal government’s 2022-2024 external borrowing plan, which had received approval from the former President Muhammadu Buhari’s administration.

In a letter addressed to the Senate, Tinubu outlined the scope of the projects, spanning infrastructure, agriculture, health, water supply, roads, security, and employment generation, along with financial management reforms. The proposed loan, totaling $8,699,168,559 and €100 million, aims to facilitate the timely implementation of these critical initiatives.

Tinubu underscored that the selection of projects in the borrowing plan was based on economic evaluations and their anticipated contributions to the socio-economic development of the country, including job creation and skills acquisition. He emphasized the urgency of the Senate’s consideration and approval of the 2022-2024 external abridged borrowing plan to enable the government to fulfill its responsibilities to the Nigerian people, particularly in restoring normalcy to the nation.

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