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Tinubu Seeks NASS Approval for $7.8 Billion and €100 Million Loan

President Bola Ahmed Tinubu has formally submitted a request to the National Assembly for approval to secure a loan of $7.865 billion and €100 million as part of the 2022–2024 External Borrowing Rolling Plan.

Speaker Tajudeen Abbas, who read the President’s letter, conveyed the purpose of this request, stating, “I am writing to address the matter of the 2022–2024 Federal Government External Borrowing Plan. We seek the National Assembly’s prompt consideration and approval to facilitate the timely implementation of these projects.”

He also pointed out that the borrowing plan had already received approval during the Federal Executive Council meeting held on May 15, 2023. The projects encompass various sectors, including infrastructure, agriculture, health, education, water supply, economic growth, security, employment generation, and financial management reforms, among others.

The total sum requested under the Borrowing Rolling Plan is $7,864,558,559 and an additional €100 million. Speaker Abbas further highlighted that, given the recent removal of the fuel subsidy and its economic impact, the African Development Bank (AfDB) and the World Bank Group have expressed interest in assisting the country with sums of $1 billion and $2 billion, respectively. These funds are in addition to the Federal Executive Council-approved Borrowing Rolling Plan 2022-2024.

Consequently, the total approval sought amounts to $7,864,559,559 and €100 million. It’s important to note that these projects were carefully chosen based on technical and economic evaluations, as well as their expected contributions to socioeconomic development. The aim is to foster economic development, create jobs, develop skills, support entrepreneurship, reduce poverty, and enhance food security, ultimately improving the lives of ordinary Nigerians.

These programs and projects are planned to be implemented in all 36 states of the Federation and the Federal Capital Territory. Given the current economic challenges facing the country, prudent external borrowing has become necessary to bridge the gap, with a focus on infrastructure development, including power and railways.

President Tinubu emphasized the urgency of the situation, stating that it is crucial for the National Assembly to promptly consider and approve the 2022-2024 External Borrowing Rolling Plan. This will enable the government to fulfill its responsibilities to the Nigerian people by ensuring swift disbursement and efficient project implementation.

To expedite the legislative process, the Speaker referred the President’s request to the joint House Committees on Aids, Loans, and Debt Management for further action.

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