Tinubu Seeks Senate’s Approval For $8.69bn, €100m External Loan

President Bola Tinubu has urged the Senate to consider and approve his request to obtain a loan of $8,699,168,559 and €100 million as part of the federal government’s 2022 – 2024 external borrowing plan.

Tinubu’s letter of request was read in plenary by Senate President Godswill Akpabio on Tuesday.

The president noted that the World Bank and African Development Bank had pledged interest to support the loan with $1 billion and N1.5 billion, respectively.

According to the President, the loan will be used for infrastructure, agriculture, health, roads, security and employment.

“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 for $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 country’s social economic development, 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 to deliver its responsibility to Nigerians.”

It was reported that Tinubu had written to the Senate about the 2024 budget presentation on Wednesday.