President Tinubu seeks Senate’s nod for $8.7bn, €100m loans.

President Tinubu seeks Senate’s nod for $8.7bn, €100m loans.

President Bola Tinubu has written to the Senate seeking the approval of a fresh sum of $8.7bn and €100 million approved under former President Muhammadu Buhari.

According to Tinubu, the past administration approved a 2022-2024 borrowing plan by the Federal Executive Council held on May 15, 2023.

The letter which was read by the Senate President, GodsWill Akpabio, at the plenary on Tuesday stated that the money would 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.

The letter read, “I write in respect of the above subject and to submit the attached Federal Government 2022-2024 external borrowing plan for consideration and early approval of the National Assembly to ensure prompt implementation of the projects.

“The Senate may wish to note that the past administration approved a 2022-2024 borrowing plan by the Federal Executive Council 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.”

It added, “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.”

Earlier, Tinubu had asked the National Assembly to approve $7.8bn, €100m in the borrowing plan of the Federal Government.