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Tinubu Seeks Senate Approval for New $8.7 Billion, €100 Million Loans

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President Tinubu Seeks Senate Approval for $8.7 Billion and €100 Million Loans.

President Bola Tinubu has submitted a letter to the Senate, requesting approval for a fresh sum of $8.7 billion and €100 million.

This fund, originally approved under the administration of former President Muhammadu Buhari, is part of a 2022-2024 borrowing plan endorsed by the Federal Executive Council on May 15, 2023.

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During the plenary on Tuesday, Senate President Godswill Akpabio read the letter, which outlined the intended use of the funds across various sectors. The projects targeted for funding include infrastructure, agriculture, health, water supply, roads, security, employment generation, and financial management reforms.

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President Tinubu highlighted the importance of swift approval by the National Assembly to ensure the timely implementation of these crucial projects.

“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 letter stated.

The borrowing plan, totaling $8,699,168,559 and €100 million, aims to address critical areas contributing to the socio-economic development of the country. Emphasizing economic evaluations, employment generation, and skills acquisition, the President underscored the necessity of Senate approval.

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“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 letter added.

This follows a previous request from President Tinubu, where he sought approval for $7.8 billion and €100 million in the Federal Government’s borrowing plan. The projects and programs included in the plan are strategically chosen to contribute significantly to the nation’s development.

The Senate will now deliberate on the request, considering the economic impact and benefits of the proposed borrowing plan before making a decision.

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