Tinubu has formally requested the Senate’s approval for a new loan totaling $8.6 billion and €100 million, designated for crucial projects across diverse sectors of the economy. The Senate received the request letter at the beginning of Tuesday’s plenary, read by Senate President Godswill Akpabio.
In the communication, Tinubu clarified that the request aligns with the 2022-2024 external borrowing plan endorsed during the administration of former President Muhammadu Buhari. The projects earmarked for funding through these loans were carefully selected based on economic assessments and their anticipated positive impact on the country’s development.
In his letter, Tinubu emphasized, “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.”
He highlighted that the projects span various sectors, including infrastructure, agriculture, health, water supply, roads, security, and employment generation, as well as financial management reforms. The requested approval amounts to $8,699,168,559 and €100 million.
Tinubu underscored the importance of these projects for the nation’s return to normalcy, urging the Senate to promptly consider and approve the external borrowing plan.
Simultaneously, Tinubu sought approval from the House of Representatives for the same $8.6 billion and €100 million external borrowing plan, targeting critical infrastructure needs in power, roads, water, railway, and health. Concurrently, he submitted the Federal Capital Territory Supplementary Budget for the legislators’ consideration.
Additionally, President Tinubu is scheduled to present the 2024 budget to the National Assembly on Wednesday. The Federal Executive Council has already endorsed a budget of N27.5 trillion, involving revisions to the Medium-Term Expenditure Framework (MTEF). The revised MTEF features an exchange rate of N750 to $1 and a crude oil price benchmark of $77.96 per barrel, deviating from the initial N700 to $1 and 73.96 cents per barrel. Abubakar Bagudu, the Minister of Budget and Economic Planning, revealed an aggregate expenditure increase of over N1.5 trillion in the approved Appropriation Bill for 2024.