Tinubu Seeks NASS Approval to Borrow €100 million

Ife Osemedua 

365Daily – President Bola Tinubu has asked the National Assembly to approve a loan of €100 million sought by the previous administration under the 2022-2024 external borrowing plan.

In a letter read by Senate president,  Godswill Akpabio, during Wednesday plenary, Tinubu explained that the loan will help with development in critical sectors.
It stated: “In view of the current economic realities and needs to meet development in critical sectors of the country, it has become expedient to approach the National Assembly with this request.”
“The Senate is invited to note that following the removal of fuel subsidy and its impact on the economy in the country, the African Development Bank (AFDB) and the World Bank Group (WBG) have indicated interest in assisting the country in mitigating the economic shores and recent reforms with a sum of $1 billion and $2 billion respectively in addition to the Federal Executive Council approved 2022-2024 external borrowing plan.
“Consequently, the required approval is of $7,864,508,559 dollars and in terms of euro, €100 million euros,” the letter read.
The President added that the funds will be used to fund infrastructure development, agriculture, health, security, water supply and employment creation.
“The project cuts across all sectors with specific emphasis on infrastructure, agriculture, health, education, water supply, security and employment as well as financial management reforms, among others,” he said.


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