President Bola Ahmed Tinubu has sought the approval of the Nigerian Senate for an eight point six billion dollars and one hundred million euros in the 2022-2024 external borrowing plan.
President Tinubu’s letter of request was read at plenary on Tuesday by Senate President, Godswill Akpabio detailing the plan for the external borrowing for critical infrastructure in areas such as power, roads, water, railway, and health.
Tinubu in his letter 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.”
Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday after the Federal Executive Council (FEC) approved a budget of twenty-seven point five trillion naira.
The Minister of Budget and Economic Planning , Atiku Bagudu had explained that the budget was shored up from twenty six trillion naira to twenty seven point five trillion naira due to foreign exchange rate changes.