Senate Approves Tinubu’s Proposal To Secure $7.8 Billion And €100 Million In Borrowing

Senate Approves Tinubu’s Proposal To Secure $7.8 Billion And €100 Million In Borrowing....KINDLY READ THE FULL STORY HERE▶

On Saturday, December 30, the Senate granted approval to President Bola Tinubu’s request for a loan of $7.8 billion and €100 million, as part of the federal government’s 2022-2024 borrowing plan. The Senate’s decision was based on the consideration and adoption of the report presented by its committee on Local and Foreign Debt during a special plenary session…CONTINUE READING

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President Tinubu clarified that the loan facility, approved by the Federal Executive Council under former President Muhammadu Buhari on May 15, 2023, is intended to support various sectors, including infrastructure, health, education, agriculture, and addressing security challenges. The President emphasized the necessity of the foreign loan to address the financial gap and restore normal economic activities in the country.

He outlined the allocation of the funds for the development of critical areas such as infrastructure, agriculture, health, education, water supply, security, and employment. Additionally, the funds are earmarked for financial management reforms, reflecting the government’s commitment to enhancing the overall economic well-being of the nation.

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