President Bola Tinubu is desperate to have the Senate approve a fresh loan of $8.7bn and €100 million, which had earlier been sought by former President Muhammadu Buhari.
Senate president, Godswill Akpabio read a letter from President Tinubu Tuesday, which detailed how the loan would be spent on infrastructure, agriculture, security, employment and financial reforms.
“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,” stated the letter from Tinubu to the Senate.
“The Senate may wish to note that the past administration approved a 2022-2024 borrowing plan by the Federal Executive Council 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.”
Meanwhile President Tinubu informed the National Assembly of his intention to present the 2024 Appropriation Bill Wednesday, November 29, by 11 am as required by the Constitution.
The Federal executive council had agreed on a N27.5 trillion budget proposal, which according to Minister of Budget and Economic Planning Atiku Bagudu, was hiked from N26 trillion to N27.5 trillion, because of fluctuations in the value of the Naira.
