President Bola Tinubu has submitted a letter to the Nigerian Senate seeking approval for an additional borrowing plan of $7.8 billion and €100 million. This request comes just a day after President Tinubu presented a supplementary budget of N2.18 trillion to the National Assembly. The borrowing plan is aimed at addressing various sectors, including infrastructure, agriculture, health, education, water supply, security, and employment, among others.
- Supplementary Budget and Additional Borrowing: President Bola Tinubu’s administration has been actively seeking financial measures to address economic challenges. The recent request for an additional borrowing plan follows the presentation of a supplementary budget, indicating the government’s efforts to secure funding for various projects and economic reforms.
- Approved Borrowing Plan: The President noted that the previous administration had approved a 2022-2024 borrowing plan, which was discussed and approved at the Federal Executive Council. This plan covered a wide range of projects and programs aimed at fostering economic growth, infrastructure development, and other critical areas.
- Focus on Economic Reforms: The borrowing plan includes initiatives to mitigate the economic impact of recent policy changes, such as the removal of fuel subsidies. International financial institutions like the African Development Bank and the World Bank have expressed interest in supporting Nigeria’s economic stability.
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- Project Implementation: The borrowing plan’s projects and programs are intended for implementation across all 36 states of Nigeria and the Federal Capital Territory. These projects are expected to contribute to economic development, create job opportunities, promote entrepreneurship, reduce poverty, and enhance food security.
- Infrastructure Development: The borrowing plan emphasizes key infrastructure projects, including power, railways, and healthcare, to address the country’s development needs and improve the overall well-being of Nigerian citizens.
- Request for Senate Approval: President Bola Tinubu’s letter to the Senate underscores the need for Senate consideration and approval of the 2022-2024 external borrowing plan. The President highlights the urgency in securing the funds required for project implementation to address the country’s financial challenges.
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