BREAKING: President Tinubu again seeks Senate approval to borrow $8.69b, Euro100m

By Ezurike Ugochukwu

President Bola Tinubu has on Tuesday, November 28, sought approval of the Senate for approval of his request to obtain a loan of $8,699,168,559 and €100 million as part of the 2022 – 2024 external borrowing plan of the federal government.

The president is making the request in the face of the heavy and unbearable weight of frightening debts, local and external thereby sustaining the borrowing spree of his predecessor.

Tinubu’s letter of request was read at plenary by Senate President, The president noted that the World Bank and African Development Bank have indicated interest to support the loan with $1 billion and N1.5 billion respectively.

In the letter of request read at plenary by Godswill Akpabio, President of the Senate, titled: “2022-2024 external borrowing plan” said: “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.

“The Senate may wish to note that the past administration approved a 2022-2024 borrowing plan by the Federal Executive Council (FEC) held on May 15, 2023.

“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 in the sum of $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 social economic development of the country, 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 deliver its responsibility to Nigerians.”

Senate President Akpabio thereafter referred the executive request to the Senate Committee on Foreign and Local Debts for further legislative work and to report at plenary in one week.