President Tinubu moves to obtain billions of dollars loans
Nigerian president, Bola Tinubu has made some moves to obtain more loans totalling millions of dollars. The new loans differ from the ones he recently sought the permission of the National Assembly to obtain.
The president has now written a letter to the Godswill Akpabio’s Senate to seek approval for $8.7bn and €100m (one hundred million euro). The Senate, as it often does to the requests of the president, has given its nod or approval to the request.
Bola Tinubu had said that the last administration of Muhammadu Buhari approved a 2022-2024 borrowing plan by the Federal Executive Council held on May 15, 2023.
Mr. Akpabio, the president of the Senate, read the letter on the floor of the assembly.
The letter partly reads, “I write in respect of the above subject and to submit the attached Federal Government 2022-2024 external borrowing plan for consideration and early approval of the National Assembly to ensure prompt implementation of the projects.
“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.”
As contained in the letter, the loans would be used to execute projects which “cut across all sectors, with specific emphasis on infrastructure, agriculture, health, water supply, roads, security, and employment generation as well as financial management reforms.”
It added, “Consequently, the required approval is in the sum
Follow us on social media
