President Bola Tinubu has urged the Senate to deliberate and grant approval for a request to secure a loan amounting to 8.69 billion dollars and 100 million euros.
This forms part of the 2022–2024 external borrowing plan envisioned by the federal government.
Senate President Godswill Akpabio read the president’s letter of request during plenary.
The president highlighted that the World Bank and the African Development Bank (AfDB) have expressed willingness to contribute 1 billion dollars and 1.5 billion naira to support the loan.
He noted that the projects cut across all sectors, specifically emphasising infrastructure, agriculture, health, security, employment generation, and financial management reforms.
Akpabio, after that, referred the executive request to the Senate Committee on Foreign and Local Debts for further legislative work and to report at plenary in one week.
The president’s letter was also sent to the House of Representatives and read by the Speaker, Tajudeen Abass.
