Senate Approves Federal Government’s 2022-2024 External Borrowing Strategy

Senate Approves Federal Government’s 2022-2024 External Borrowing Strategy....KINDLY READ THE FULL STORY HERE▶

The Senate has granted approval for President Bola Tinubu’s 2022-2024 external borrowing plan, amounting to 7.4 billion dollars and 100 million euros. The endorsement followed the acceptance of the report from the Senate Committee on Local and Foreign Debt during a plenary session……CONTINUE READING

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During the presentation of the report, Senator Haruna Manu, the Vice Chairman of the Committee, emphasized the committee’s acknowledgment of the valid concerns expressed by Nigerians regarding the sustainability and serviceability of the nation’s borrowing activities over the past decade.

Senator Manu highlighted the significant impact of debt service figures, constituting over 30 percent of the nation’s annual budget expenditure, posing a substantial drain on its revenue. He pointed out that due to the shortfall in annual revenue relative to the requirements for rapid infrastructural and human capital development, the National Assembly consistently approves deficit budgets, necessitating borrowing to bridge the gap.

The borrowing request, seeking National Assembly approval, is intended to be sourced from various financial institutions. Senator Manu clarified that the proposed projects in the Ministries of Education, Agriculture, and Women Affairs are predominantly ongoing initiatives with a history of external borrowed funds utilization, including loans.

He underscored the projects’ positive impact on stimulating economic growth through infrastructure development, job creation, poverty alleviation, and the promotion of commercial and engineering activities.

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