President Bola Tinubu sought the Senate’s approval on Tuesday for a fresh $8.6 billion and €100 million loan intended for vital projects across various sectors of the economy, News About Nigeria reports.
President Tinubu disclosed this request in a letter read at the beginning of Tuesday’s plenary by Senate President Godswill Akpabio.
In the letter, President Tinubu explained that his request was part of the federal government’s 2022-2024 external borrowing plan, previously approved by the administration of former President Muhammadu Buhari.
He further noted that the projects to be funded with the loans would be determined based on economic evaluations and their expected contribution to the country’s development.
According to Tinubu, he is seeking early approval so that his administration can commence the early implementation of the projects for the nation’s growth.
Tinubu also emphasized that the projects undertaken by his administration would cover all sectors, with specific importance placed on infrastructure, agriculture, health, and water supply.
He listed their specific focuses as roads, security, employment generation, and financial management reforms for economic growth.
According to the President, the projects and programs in the borrowing plan were selected based on economic evaluations and their expected contribution to the socio-economic development of the country, including employment generation and skills acquisition.
The President appealed to the Senate, emphasizing the importance of these facilities in helping the nation return to normalcy.
He stressed the necessity for the Senate to consider and approve the 2022-2024 external abridged borrowing plan to enable the government to fulfil its responsibilities to Nigerians.
