On November 28, President Bola Tinubu formally requested the Senate’s deliberation and approval for a loan amounting to $8,699,168,559 and €100 million, as part of the 2022 – 2024 external borrowing plan proposed by the federal government.
Senate President Godswill Akpabio read Tinubu’s letter during the plenary session, highlighting the World Bank and African Development Bank’s willingness to contribute $1 billion and N1.5 billion, respectively, in support of the loan.
The borrowing plan encompasses various sectors, with a focus on infrastructure, agriculture, health, water supply, roads, security, employment generation, and financial management reforms. In the letter, Tinubu emphasized the economic evaluations and expected contributions to the socioeconomic development of the country, including employment generation and skills acquisition.
Stressing the need for Senate approval, Tinubu noted the facilities’ nature and the imperative to return the country to normalcy. Senate President Akpabio referred the executive request to the Senate Committee on Foreign and Local Debts for further legislative consideration, with a report expected in one week.
Additionally, on Monday, the Federal Government approved a N27.5 trillion expenditure for the 2024 Appropriation Bill, as revealed by Minister of Budget and National Planning, Atiku Bagudu, after the weekly FEC meeting.
