President Tinubu Sets To Borrow $8.68bn,€100m External Loan

President Tinubu Sets To Borrow $8.68bn,€100m External Loan

President Bola Tinubu, has submitted a request to the Senate for the approval of a loan amounting to $8,699,168,559 and €100 million as part of the federal government’s external borrowing plan for the years 2022 to 2024.

This request was read out in the Senate by Senate President Godswill Akpabio during a plenary session.

Tinubu emphasized that both the World Bank and the African Development Bank have expressed their willingness to support this loan with $1 billion and N1.5 billion, respectively.

The President stated that the loan’s primary purpose is to invest in the sectors of infrastructure, agriculture, health, roads, security, and employment.

“The project cuts across all sectors, with specific emphasis on infrastructure, agriculture, health, water supply, roads, security, and employment generation as well as financial management reforms.

“Consequently, the required approval is for $8,699,168,559 and €100 million.

“I would like to underscore the fact that the projects and programmes in the borrowing plan were selected based on economic evaluations as well as the expected contribution to the country’s social economic development, including employment generation and skills acquisition.

“Given the nature of these facilities and the need to return the country to normalcy, it has become necessary for the Senate to consider and approve the 2022- 2024 external abridged borrowing plan to enable the government to deliver its responsibility to Nigerians,” The President said.