N1.77tn External Borrowing: Discover Why Tinubu is Seeking NASS Approval
President Bola Ahmed Tinubu has requested the National Assembly’s approval for external borrowing of $8.69 billion and €100 million as part of Nigeria’s 2022–2024 external borrowing plan.
In a letter read by Senate President Godswill Akpabio during a plenary session, Tinubu emphasized that the loan would support critical projects in sectors such as infrastructure, agriculture, health, water supply, and employment generation.
The borrowing plan includes contributions from financial institutions like the World Bank and the African Development Bank, which are expected to provide $1 billion and N1.5 billion, respectively.
The proposal has been referred to the Senate Committee on Foreign and Local Debts for further review, with a report expected soon.