Senate Approves Tinubu’s Request to Borrow $7.8Bn, €100M After Approving N2.17trn

The Nigerian Senate has approved the sums of 7.8 billion dollars and 100 million euros in President Bola Ahmed Tinubu’s proposed 2022–2024 borrowing plan.

The president had written to the Senate requesting consideration and early approval of the 2022-2024 External Borrowing Plan to ensure prompt implementation of projects.

This is coming barely two days after the Federal Executive Council (FEC) approved N2.17 trillion as the second supplementary budget for this year 2023.

The proposed plan seeks to obtain a total of $7.8 billion and €100 million to fund various projects and programs across all sectors of the economy, including infrastructure, agriculture, security, employment generation, and health among others.

The president also revealed that the World Bank Group has expressed an interest in providing funding support of $1 billion and $2 billion to mitigate the economic shocks and recent reforms in the country.