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Senate approves Tinubu’s $7.8bn, €100m loan request

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Senate approves Tinubu’s $7.8bn, €100m loan request

The Nigerian Senate has granted approval for President Bola Tinubu’s request to secure a loan of $7.8 billion and €100 million as part of the federal government’s 2022-2024 borrowing plan.

The decision came after the Senate thoroughly reviewed and accepted the report presented by its committee on Local and Foreign Debt during a special plenary session.

President Tinubu had previously informed the public that the loan facility was approved by the Federal Executive Council under former President Muhammadu Buhari on May 15, 2023.

READ ALSO: Tinubu writes to National Assembly, seeks early approval of $8.699bn, €100m loans

The purpose of the loan is to fund various sectors, including infrastructure, health, education, agriculture, and addressing concerns related to insecurity.

The President emphasized the necessity of the foreign loan in enabling the country to close financial gaps and restore normal economic activities.

The allocated funds are intended for the development of infrastructure, agriculture, health, education, water supply, and security, as well as to promote employment and implement financial management reforms.

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