President Bola Tinubu has urged the Senate to authorize a new loan totaling $8.6 billion and €100 million, designated for crucial projects spanning various sectors of the economy.
This request was communicated in a letter read at the commencement of Tuesday’s plenary by Senate President Godswill Akpabio.
Tinubu emphasized that the loan was part of the federal government’s 2022-2024 external borrowing plan, previously sanctioned by the former administration under President Muhammadu Buhari.
In the letter, the president outlined that project selection for funding through these loans was meticulously assessed based on economic viability and their potential contribution to the nation’s advancement.
“I write in respect of the above 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,” stated Tinubu.
“The projects encompass various sectors, focusing particularly on infrastructure, agriculture, health, water supply, roads, security, employment generation, and financial management reforms.
“As a result, the requested approval amounts to $8,699,168,559 and €100 million,” Tinubu highlighted, emphasizing the loans’ alignment with economic evaluations and their envisioned impact on socioeconomic development, including employment and skill acquisition.
With the urgency to restore normalcy and meet the country’s responsibilities to its citizens, Tinubu urged the Senate to deliberate and authorize the 2022-2024 external borrowing plan for the government to fulfill its obligations to the Nigerian populace.
