Tinubu seeks the Senate’s consent for a loan amounting to $8.6 billion and €100 million

With regard to the $8,699,168,559 and €100 million in the 2022–2024 borrowing plan, President Bola Ahmed Tinubu has formally asked the Senate for approval.

In plenary on Tuesday, Senate President Godswill Akpabio read Tinubu’s letter.

Based on investigations, the borrowing plan was approved by the previous administration on May 15, 2023, during a meeting of the Federal Executive Council.

Abridged borrowing linked to the creation of social infrastructure, security, and jobs will “enable the government deliver its responsibility to Nigerians,” according to Tinubu, who begged the Senate to expeditiously approve his motion.

“I write regarding the aforementioned 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 letter partially said.

“The Senate might want to take notice that the Federal Executive Council (FEC) meeting on May 15, 2023, authorised a borrowing plan for 2022–2024 under the previous government.

The initiative addresses all areas, with a focus on financial management changes as well as infrastructure, employment creation, highways, agriculture, health, and water supply.

“As a result, $8,699,168,559 and €100 million await clearance.

“It is important to emphasise that the projects and programmes included in the borrowing plan were chosen through a combination of economic assessments and the anticipated enhancement of the nation’s social and economic development, encompassing job creation and skill development.

It has become essential for the Senate to examine and approve the 2022–2024 external abbreviated borrowing plan in order for the government to fulfil its obligations to Nigerians, given the nature of these facilities and the necessity to get the country back to normal.