Tinubu Requests Senate Approval for $20.52bn Loan Plan

President Bola Tinubu has sought the Senate’s approval for a supplementary external borrowing plan amounting to $20.52 billion and €1.045 billion. This request was presented in a letter read by Senate President Godswill Akpabio during a plenary session.

The proposed borrowing aims to finance projects in key sectors such as infrastructure, agriculture, healthcare, education, water supply, security, employment generation, and financial management reforms. Tinubu emphasized that the borrowing plan is essential to accelerate economic growth and address Nigeria's infrastructure funding gap.

The projects were selected based on technical and economic evaluations, with the expectation that they will create jobs, promote skills acquisition, encourage entrepreneurship, reduce poverty, and improve food security. Most projects will be implemented across all 36 states and the Federal Capital Territory.

Akpabio noted that some aspects of the borrowing plan had been previously considered in the budget and that the Senate Committee on Local and Foreign Debts would review the proposal alongside the committees on Appropriation and Finance, with a report expected within one week.