President Bola Tinubu has approached the Nigerian Senate seeking approval for an additional loan facility totaling $8.69 billion and 100 million euros as part of the 2022-2024 external borrowing plan of the federal government.
The request was made in a letter read by the Senate President, Godswill Akpabio, and the Speaker of the House of Representatives, Abbas Tajudeen, during Tuesday’s plenary sessions.
In the letter, the President emphasized that the loan, initially requested during the administration of former President Muhammadu Buhari, is crucial for financing key sectors such as infrastructure, agriculture, health, education, water supply, security, and employment, as well as financial management reforms.
The President emphasized the necessity of the loan for returning the country to normalcy and fulfilling the administration’s promises to the Nigerian people.
RoyalTimes reports that this marks the second time President Tinubu has sought the lawmakers’ permission to obtain foreign loans under the 2022-2024 external borrowing plan initiated by former President Buhari.
However, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during his appearance before the joint Senate Committee on the 2024-2026 Medium-Term Expenditure Framework (MTEF) in Abuja two weeks ago, asserted that Nigeria cannot solely rely on borrowing to fund the 2024 budget.
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