NIGERIA: Tinubu writes for Senate’s approval to take fresh $8.6bn, €100m loans

President of Nigeria, Mr. Bola Ahmed Tinubu, has written to the country’s Senate to approve a fresh loan of $8.6 billion and €100 million earmarked for the execution of vital projects in various sectors of the economy.

Tinubu made this known in a request letter read at the start of plenary on Tuesday by the President of Senate Godswill Akpabio.

The president elucidated in the letter that his request was part of the federal government’s 2022-2024 external borrowing plan approved by former President Muhammadu Buhari’s administration.

He added that projects to be funded with the loans were determined based on economic evaluation and the expected contribution to the country’s development.

“I write in respect of the above subject and to submit the attached the federal government 2022-2024 external borrowing plan for consideration and early approval of the National Assembly to ensure prompt implementation of the projects,” Tinubu said in the letter.

“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.”