BREAKING: President Tinubu Seeks Senate Approval for $20.5bn, €1.04bn External Loans

President Bola Tinubu has asked the Senate to approve a proposed external borrowing plan of $20.517 billion and €1.045 billion to finance infrastructure development and economic programmes across Nigeria.

The request was conveyed in a letter read by Senate President Godswill Akpabio during plenary in Abuja on Tuesday.

According to the President, the proposed loans would support projects in power, transportation, healthcare, education, agriculture, water supply and security across the 36 states and the Federal Capital Territory.

Tinubu said the borrowing plan was necessary to bridge the country’s infrastructure funding gap, create jobs, strengthen food security and support economic reforms under the Renewed Hope Agenda.

Following the presentation of the letter, Akpabio referred the request to the Senate Committee on Local and Foreign Debts, working jointly with the Committees on Appropriation and Finance, for scrutiny.

The joint committee has been directed to submit its report within one week, after which the Senate will consider the request.