Tinubu seeks Senate’s approval for $8.69bn, €100m external loan

President Bola Tinubu has appealed to the Senate to review and endorse his proposal to secure a loan of $8,699,168,559 and €100 million as a component of the federal government’s 2022–2024 external borrowing scheme.

Senate President Godswill Akpabio read Tinubu’s letter of proposal in a session on Tuesday.

The president stated that the World Bank and African Development Bank had expressed interest in backing the loan with $1 billion and N1.5 billion, respectively.

The president said that the loan will be allocated for infrastructure, agriculture, health, roads, security, and employment.

“The project spans all sectors, with particular focus on infrastructure, agriculture, health, water supply, roads, security, and employment creation, as well as financial management reforms.

“Hence, the sought approval is for $8,699,168,559 and €100 million.

“I would like to emphasise the fact that the projects and programmes in the borrowing scheme were chosen based on economic assessments as well as the expected impact on the country’s social and economic development, including employment creation and skills development.

“Given the nature of these facilities and the need to restore the country to normality, it has become essential for the Senate to review and endorse the 2022–2024 external shortened borrowing scheme to enable the government to fulfil its duty to Nigerians.