President Bola Tinubu has submitted a letter to the Senate seeking approval for his borrowing plan spanning 2022-2024.
The President’s request is based on an approval granted by the previous administration, led by Muhammadu Buhari, following a Federal Executive Council meeting in May 2023.
During Wednesday’s plenary session, Senate President Godswill Akpabio read Tinubu’s request, in which the President detailed the rationale behind the borrowing plan.
The plan encompasses a wide range of projects, with a focus on infrastructure, agriculture, health, education, water supply, security, employment, and financial management reforms, among other areas.
The total financing required for these projects and programs amounts to $7,864,508,559 and €100 million in Euros.
President Tinubu explained that the removal of fuel subsidies and its economic impact has prompted interest from organizations like the African Development Bank (AFDB) and the World Bank Group (WBG), both of which have expressed their intention to assist Nigeria with sums of $1 billion and $2 billion, respectively.
In light of the economic challenges facing the country, the president stressed the importance of bridging the financing gap through external borrowing, specifically for key infrastructure projects such as power, railways, and healthcare.
According to him, these projects are expected to have a positive impact on various aspects of the country, including employment generation, skills development, entrepreneurship, poverty reduction, and food security.
President Tinubu concluded by urging the Senate to consider and approve the 2022-2024 external borrowing plan.
He emphasized that these projects and programs would be implemented across all 36 states of the federation and the Federal Capital Territory, aiming to enhance the livelihoods of average Nigerians and restore economic stability.
