President Bola Tinubu, has written to the Senate requesting its approval for external loans of $8,699,168,559 and €100 million.
The loan forms part of the 2022 – 2024 external borrowing plan envisioned by the federal government.
Senate President Godswill Akpabio read Tinubu’s letter titled: “2022-2024 external borrowing plan” during plenary on Tuesday.
The president stated that both the World Bank and the African Development Bank have expressed their willingness to contribute $1 billion and N1.5 billion, respectively, in support of the loan.
The letter read in part:
“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 to deliver its responsibility to Nigerians.”
Akpabio, after reading the letter, referred the request to the Senate Committee on Foreign and Local Debts for further legislative work and to report at plenary in one week.
