President Bola Tinubu has requested Senate approval for an external borrowing plan of $8.6 billion and €100 million for the years 2023-2024.
The letter addressing Senate President Godswill Akpiabio was read during a plenary session in Abuja.
Tinubu emphasized the necessity of prudent external borrowing to address financial gaps and fund critical infrastructure projects in areas such as power, railway, and health.
The projects span various sectors, including infrastructure, agriculture, health, education, water supply, security, and employment generation.
Tinubu highlighted positive economic evaluations and expected contributions to the country’s socio-economic development as criteria for project selection.
The move follows the removal of fuel subsidies, with the African Development Bank and the World Bank Group expressing interest in assisting Nigeria with $1 billion and $1.5 billion, respectively.
The borrowing plan aims to enhance employment, skills acquisition, entrepreneurship, poverty reduction, and food security, with Senate President Godswill Akpiabio mandating the committee on local and foreign debt to provide legislative input and report back within one week.
Babs LV.