Tinubu requests NASS approval for €100 million, $7.865 billion loan

In accordance with the 2022–2024 External Borrowing Rolling Plan, President Bola Ahmed Tinubu has formally asked the National Assembly for permission to borrow $7.865 billion and €100 million.

“I write concerning the above subject of the 2022–2024 Federal Government External Borrowing Plan for consideration and early approval of the National Assembly to ensure prompt implementation of the projects,” said Speaker Tajudeen Abbas after reading the letter from the President.

The 2022–2024 Borrowing Plan was adopted by the previous administration during a Federal Executive Council meeting on May 15, 2023, as the House of Representatives may want to take note of.

The initiatives span a number of industries, including financial management changes and infrastructure, agriculture, health, education, water supply, growth, security, and job creation.

““The Borrowing Rolling Plan provides facilities and programmes totaling $7,864,558,559 and an additional €100 million, respectively.

The African Development Bank (AfDB) and the World Bank Group have expressed interest in helping the nation mitigate the shocks of such reforms with the sums of $1 billion and $2 billion, respectively, in addition to the Federal Executive Council-approved Borrowing Rolling Plan 2022–2024. The House of Representatives is hereby invited to note these developments.

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As a result, €100 million and $7,864,559,559 are needed for approval.

“I would like to emphasise that the projects and programmes included in the Borrowing Plan were chosen based on technical and economic evaluation as well as the anticipated contribution to socioeconomic development, including the improvement of the nation’s standard of living through the creation of jobs, the acquisition of skills, the rise of more entrepreneurs, the eradication of poverty, and the provision of food security.

“All 36 states of the Federation as well as the Federal Capital Territory will host the implementation of the programmes and initiatives.

“It has become imperative for prudent external borrowing to bridge the gap and be applied to power and railways, among other things, given the current economic situation facing the country.”

Mr. President emphasised the need to accelerate the country’s economy while also highlighting the nature of the facility.

Therefore, he contended that in order for the government to fulfil its obligations to Nigerians through prompt disbursement and effective project completion, it has “become necessary for the National Assembly to evaluate and adopt the 2022-2024 External Borrowing Rolling Plan.”

He directed the letter to the combined House Committees on Aids, Loans, and Debt Management for additional legislative action in response to the President’s request for prompt consideration of the request.