Tinubu Seeks Senate’s Nod to Borrow $7.8bn, €100m in 2022-2024 Borrowing Plans President Bola Tinubu has sought the approval of Senate for the 2022-2024 external borrowing plan of 7.8 billion dollars and 100 million euros.
Tinubu’s request was contained in a letter addressed to President of Senate, Godswill Akpabio and read at plenary on Wednesday.
Tinubu in the letter said the past administration had approved the 2022-2024 borrowing plan at the Federal Executive council on May 15 .
He said:
“Following the removal of fuel subsidy and its impact on the economy in the country,Africa Development Bank (AFDB)and World Bank Group have indicated interest to assist the country in mitigating the economic shocks, and its recent reforms.
“While the AFDB will assist the country with the sum of One billion dollars, the world bank will give two billion dollars in addition to the Federal Executive council approved 2023-2024 external borrowing plan.”
Tinubu said the projects due to be utilised with the fund cut across all sectors with specific emphasis on infrastructure, agriculture, health , education, water supply, security and employment generation and financial management reforms.
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