Tinubu seeks NASS approval for $7.865bn, €100m loan

President Bola Ahmed Tinubu has formally requested the National Assembly’s approval to borrow $7.865 billion and €100 million under the 2022–2024 External Borrowing Rolling Plan.

Speaker Tajudeen Abbas, who read the President’s letter, said: “I write concerning the above subject of the 2022–2024 Federal Government External Borrowing Plan for consideration and early approval of the National Assembly to ensure prompt implementation of the projects.

“The House of Representatives may wish to note that the past administration approved the 2022–2024 Borrowing Plan at the Federal Executive Council meeting held on May 15, 2023.

“The projects cut across specific sectors, including infrastructure, agriculture, health, education, water supply, growth, security, and employment generation, as well as financial management reforms, among others.

“The total facility and programmes under the Borrowing Rolling Plan total $7,864,558,559 and another €100 million, respectively.

“The House of Representatives is hereby invited to note that following the removal of the fuel subsidy and its impacts on the economy, the African Development Bank (AfDB) and the World Bank Group have indicated interest in assisting the country in mitigating the shocks of such reforms with the sums of $1 billion and $2 billion, respectively, in addition to the Federal Executive Council-approved Borrowing Rolling Plan 2022-2024.

“Consequently, the required approval is in the sum of $7,864,559,559 and €100 million.

“I would like to underscore the fact that the projects and programmes in the Borrowing Plan were selected based on technical and economic evaluation as well as the expected contribution to socioeconomic development, including the development of the country, including employment generation, skill acquisition, the emergence of more entrepreneurs, poverty reduction, and food security, to improve the livelihood of the average Nigerian.

“The programmes and projects will be implemented in all 36 states of the Federation and the Federal Capital Territory.

“In view of the present economic situation facing the country, it has become imperative for prudent external borrowing to bridge the gap and to be applied to power and railways, among other things.”

While stressing the nature of the facility, Mr. President stressed the need to fast-track the nation’s economy.

Hence, he argued that it has “become imperative for the National Assembly to consider and approve the 2022-2024 External Borrowing Rolling Plan to enable the government to deliver its responsibilities to Nigerians through expeditious disbursement and efficient project implementation.”

In response to the President’s request to ensure expeditious consideration of the request, he referred the letter to the joint House Committees on Aids, Loans, and Debt Management for further legislative action.

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