Senate okays Tinubu’s request to borrow $7.8bn, €100m

On Saturday, December 30, the Senate granted approval for President Bola Tinubu’s proposal to borrow $7.8 billion and €100 million as a component of the federal government’s 2022-2024 borrowing plan.

The Senate’s decisions were made after reviewing and endorsing the report from its committee on Local and Foreign Debt during a dedicated plenary session. President Tinubu asserted that the loan facility, sanctioned by the Federal Executive Council under former President Muhammadu Buhari on May 15, 2023, aimed to fund various sectors, including infrastructure, health, education, agriculture, and addressing security concerns.

He elaborated that the foreign loan is deemed essential to address the financial deficit and restore the country’s economic activities to a state of normalcy. According to him, the funds will be allocated for the enhancement of infrastructure, agriculture, health, education, water supply, security, employment, and financial management reforms.

Leave a Reply

Your email address will not be published. Required fields are marked *