In a letter addressed to the Senate, President Bola Tinubu has requested the approval of a fresh sum of $8.7 billion and €100 million, part of a borrowing plan approved under the former administration of President Muhammadu Buhari.
The letter was read by the Senate President, GodsWill Akpabio, during the plenary session held on Tuesday.
According to the letter, the borrowing plan was initially approved by the Federal Executive Council on May 15, 2023, during the tenure of the previous administration.
President Tinubu emphasized that the funds would be allocated to various projects spanning different sectors, including infrastructure, agriculture, health, water supply, roads, security, and employment generation, as well as financial management reforms.
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President Tinubu stated in the letter, “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 projects cut across all sectors, with specific emphasis on infrastructure, agriculture, health, water supply, roads, security, and employment generation as well as financial management reforms.”
The total amount sought for approval is $8,699,168,559 and €100 million.
Tinubu highlighted that the projects were selected based on economic evaluations and their expected contribution to the socio-economic development of the country, including employment generation and skills acquisition.
Tinubu underscored the urgency of the Senate’s approval, stating, “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 to deliver its responsibility to Nigerians.”
It is worth noting that earlier, President Tinubu had requested the National Assembly to approve $7.8 billion and €100 million as part of the Federal Government’s borrowing plan.
The additional request for $8.7 billion indicates a potential expansion of the government’s financial scope to address critical needs and promote economic development.
The Senate is expected to deliberate on the request in the coming sessions.
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