President Bola Tinubu is seeking the approval of the National Assembly to go ahead with the processing of a loan facility of $7,864,508,559 and €100 million requested during the administration of former President Muhammadu Buhari under the 2022 – 2024 external borrowing plan.
President Tinubu’s request was contained in a letter read by the Senate President, Godswill Akpabio, at the plenary on Wednesday.
In the letter, the president said the Federal Executive Council under the Buhari administration approved the loan on 15 May to finance infrastructure, health, education, agriculture, insecurity and other sectors.
He did not, however, state where the loan will be obtained from, though he said the African Development Bank (AfDB) and the World Bank Group (WBG) have indicated interest in assisting the country in mitigating the economic shores and recent reforms with a sum of $1 billion and $2 billion respectively.
“The Senate is invited to note that following the removal of fuel subsidy and its impact on the economy in the country, the African Development Bank (AFDB) and the World Bank Group (WBG) have indicated interest in assisting the country in mitigating the economic shores and recent reforms with a sum of $1 billion and $2 billion respectively in addition to the Federal Executive Council approved 2022-2024 external borrowing plan.
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