Tinubu seeks $20.52 billion and €1.045 billion in external borrowing
By the AFREEQUE newsroom, based on Leadership
Nigerian President Bola Tinubu has asked the Senate to authorise external borrowing of $20.52 billion and €1.045 billion to finance infrastructure, healthcare, education, agriculture and security projects. The programmes are to cover all 36 states and the Federal Capital Territory, according to the presidential letter read to the Senate by its president, Godswill Akpabio.
Nigerian President Bola Tinubu asked the Senate on Tuesday to authorise a supplementary external borrowing programme of $20.517 billion and €1.045 billion. The request, read in plenary by Senate President Godswill Akpabio, is to finance projects in infrastructure, agriculture, healthcare, education, water supply, security, employment and financial management.
According to the presidential letter, the projects are to be deployed across the federation’s 36 states and the Federal Capital Territory. Bola Tinubu said the funds would be used primarily for electricity, transport and healthcare, in order to reduce the infrastructure funding gap, support growth and create jobs.
The Senate president said some components of the programme were already included in the budget and that a previous external borrowing plan had been approved. The Senate Committee on Local and Foreign Debts is to examine the request with the Budget and Finance committees, then submit its report within one week.
