Tinubu asks n’assembly to approve $7.8bn, €100m in FG’s borrowing plan

President Bola Tinubu has asked the national assembly to approve the sums of $7.8 billion and €100 million in his administration’s proposed 2022 – 2024 borrowing plan.

Tinubu’s request was contained in a letter read by Senate President Godswill Akpabio on the floor of the upper legislative chamber on Wednesday.

A similar letter from the president was read by Tajudeen Abbas, speaker of the house of representatives, on the floor of the lower legislative chamber.

The president said the funds when obtained would be used to assuage the current economic realities and undertake a number of projects cutting across various sectors of the economy.

“The projects cut across all sectors with specific emphasis on infrastructure, agriculture, health, education, water supply, security and employment as well as financial management reforms, among others,” Tinubu said.

“The total facility of the projects and programmes under the borrowing plan is $7,864,508,559 dollars and then in euro, €100 million respectively.

“The senate is invited to note that following the removal of fuel subsidy and its impact on the economy in the country, African Development Bank (AFDB) and the World Bank Group (WBG) have indicated interest to assist the country in mitigating the economic shores and recent reforms with a sum of $1 billion and $2 billion respectively.

“In addition, the federal executive council approved the 2022-2024 external borrowing plan. Consequently, the required approval is in the sum of $7,864,508,559 dollars and in terms of euro, €100 million.”

The president added that projects would be implemented in all the states and the federal capital territory (FCT).

After reading the president’s communication, Akpabio announced that Tinubu attached details of the projects in his request.