President Bola Tinubu has formally requested the Senate’s approval for an external loan totaling $8,699,168,559 and €100 million, forming a crucial part of the federal government’s 2022-2024 external borrowing plan. During the Senate’s recent plenary session, Senate President Godswill Akpabio read Tinubu’s letter, outlining the diverse allocation of funds across critical sectors such as infrastructure, agriculture, health, water supply, roads, security, and employment generation.
Tinubu emphasized in his letter, “The projects and programmes in the borrowing plan were selected based on economic evaluations and their expected contribution to the socioeconomic development of the country, including employment generation and skills acquisition.”
Acknowledging commitments from the World Bank and the African Development Bank, which pledged $1 billion and N1.5 billion, respectively, Tinubu stressed the urgency of Senate approval for the timely initiation of proposed projects.
Senate President Akpabio promptly referred the executive request to the Senate Committee on Foreign and Local Debts for comprehensive legislative scrutiny. A report is expected within one week, marking a critical step in the assessment of the proposed external loan.
In related developments, the federal government approved a significant expenditure of N27.5 trillion for the 2024 Appropriation Bill. Minister of Budget and National Planning, Atiku Bagudu, revealed key parameters, including an adjusted exchange rate of N750 to a dollar and a crude oil benchmark of $77, aimed at enhancing revenue.
President Tinubu is scheduled to present the 2024 budget to the National Assembly on Wednesday, November 29, seeking their thorough review and approval.
