Tinubu Seeks Senate Approval For $8.7bn, €100 Million Loans Ratified By Buhari Government

Nigeria President Bola Tinubu, on Tuesday, asked the Senate to approve the sum of $8,699,168,559 and €100 million foreign loans, which the Federal Executive Council (FEC) had ratified during the administration of former President Muhammadu Buhari.

The loan request was part of the 2022-2024 borrowing plan.

Tinubu also wrote to both chambers of the National Assembly also on Tuesday regarding his intention to present the 2024 Budget at a joint session on Wednesday.

Tinubu made the loan request in a letter to the red chamber, which was read during plenary by Senate President Godswill Akpabio.

The aforementioned sums were approved by FEC on May 15 under Buhari.

Initially, the president had asked the National Assembly to approve $7.8 billion and €100 million in the borrowing plan of the federal government.

The letter read, “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 FEC held on May 15, 2023.

“The project cuts across all sectors, with specific emphasis on infrastructure, agriculture, health, water supply, roads, security, and employment generation as well as financial management reforms.

“Consequently, the required approval is in the sum of $8,699,168,559 and €100 million.

“I would like to underscore the fact that the projects and programmes in the borrowing plan were selected based on economic evaluations as well as the expected contribution to the social economic development of the country, including employment generation, and skills acquisition.

“Given the nature of these facilities, and the need to return the country to normalcy it has become necessary for the senate to consider and approve the 2022- 2024 external abridged borrowing plan to enable the government deliver its responsibility to Nigerians.”

Equally, on Tuesday, Tinubu wrote to the Senate and House of Representatives about his intention to present the 2024 Budget at a joint session today.

The letter was read in the Senate by Akpabio. The federal government had proposed N27.5 trillion for the 2024 fiscal year.

The appropriations bill would contain budget proposals for the 2024 fiscal year.

It would be the first budget Tinubu would present to the National Assembly since his inauguration in May.

The presentation of the 2024 budget on Wednesday indicates that the Tinubu administration would maintain the January to December budget cycle initiated by Buhari.

FEC had on Monday approved the 2024 appropriation bill of N27.5 trillion.