President Bola Tinubu has formally requested the approval of the National Assembly to proceed with the processing of a loan facility totaling $7,864,508,559 and €100 million.
News Round The Clock gathered that the request, initially made during the administration of former President Muhammadu Buhari under the 2022 – 2024 external borrowing plan, was disclosed in a letter read by Senate President Godswill Akpabio during Wednesday’s plenary session.
In the communication, President Tinubu highlighted that the loan, approved by the Federal Executive Council under the Buhari administration on 15 May, is intended to fund crucial sectors such as infrastructure, health, education, agriculture, and security.
Notably, the letter did not specify the source of the loan. However, President Tinubu mentioned that both the African Development Bank (AfDB) and the World Bank Group (WBG) have expressed interest in supporting the country’s economic reforms, offering sums of $1 billion and $2 billion, respectively, to address economic challenges and recent reforms.
“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 reads.
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