Senate Approves President Tinubu’s $7.8B and €100M Borrowing Request

On Saturday, December 30, the Senate granted approval to President Bola Tinubu’s request to borrow $7.8 billion and €100 million as part of the federal government’s 2022-2024 borrowing plan, Aso Naija Reports.

The Senate arrived at these decisions after thoroughly reviewing and adopting the report presented by its committee on Local and Foreign Debt during a special plenary session.

President Tinubu had previously stated that the loan facility was authorized by the Federal Executive Council, under the administration of former President Muhammadu Buhari, on May 15, 2023.

The purpose of this loan is to provide financing for key sectors such as infrastructure, health, education, agriculture, and addressing security concerns.

President Tinubu emphasized that obtaining foreign loans has become crucial in order to bridge the financial gap and restore the country’s economic activities to a state of normalcy.

The allocated funds will be utilized to develop various areas including infrastructure, agriculture, health, education, water supply, security, employment, and financial management reforms.