Former Lagos State Governor and All Progressives Congress (APC) National Leader, Bola Tinubu, has written to the Senate seeking approval for a fresh borrowing plan of $8.7 billion and €100 million. The letter, read by the Senate President, GodsWill Akpabio, during the plenary session on Tuesday, indicated that the funds were part of a borrowing plan approved under the administration of former President Muhammadu Buhari.
Tinubu explained that the borrowing plan, approved by the Federal Executive Council on May 15, 2023, is intended for financing projects across various sectors, including infrastructure, agriculture, health, water supply, roads, security, and employment generation. The letter emphasized that the proposed funds would contribute to the socio-economic development of the country, encompassing employment generation and skills acquisition.
The letter stated, “Consequently, the required approval is in the sum of $8,699,168,559 and €100 million. I would like to underscore the fact that the projects and programmes in the borrowing plan were selected based on economic evaluations as well as the expected contribution to the socioeconomic development of the country, including employment generation and skills acquisition.”
Tinubu urged the Senate to consider and approve the 2022-2024 external borrowing plan to facilitate the government’s delivery of its responsibilities to Nigerians, especially in the current context of returning the country to normalcy.