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President Tinubu asks Senate to approve $8.69 billion, €100 million external loan 



Bola Tinubu

President Bola Tinubu, on November 28, called upon the Senate to deliberate and grant approval for his request to secure a loan amounting to $8,699,168,559 and €100 million.

This forms part of the 2022 – 2024 external borrowing plan envisioned by the federal government. 

Senate President Godswill Akpabio read Tinubu’s letter of request during the plenary session. 

The president highlighted that both the World Bank and the African Development Bank have expressed their willingness to contribute $1 billion and N1.5 billion, respectively, in support of the loan. 

Tinubu’s letter titled: “2022-2024 external borrowing plan” was delivered to the Senate on Tuesday. The letter contained the following: 

Senate President Akpabio thereafter referred the executive request to the Senate Committee on Foreign and Local Debts for further legislative work and to report at plenary in one week. 

Earlier on Monday, the Federal Government approved the sum of N27.5 trillion expenditure for the 2024 Appropriation Bill.  

The Minister of Budget and National Planning, Atiku Bagudu, disclosed this to State House correspondents on Monday after the weekly FEC meeting.  

He said:  

The President will present the 2024 budget to the National Assembly on Wednesday, 29th of November for their review and approval.