President Bola Tinubu has sought the Senate approval to borrow $8,699,168,559 and €100 million as part of the 2022–2024 external borrowing plan of the Federal Government.
The president’s request was contained in a letter read at the commencement of plenary on November 28 by Senate President Godswill Akpabio.
In the letter titled: “2022-2024 external borrowing plan”, the president noted that the World Bank and African Development Bank have indicated interest to support the loan with $1billion and N1.5billion respectively.
“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.
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.