The Senate has approved President Bola Tinubu’s request to borrow $ 7.8 billion and €100 million as part of the 2022 – 2024 borrowing plan of the Federal Government.
The request was approved after the Senate considered and adopted the report of its committee on Local and Foreign Debt during Saturday’s plenary.
Tinubu had said that the Federal Executive Council under former President Muhammadu Buhari approved the loan facility on May 15, 2023, to finance health, education, infrastructure, agriculture, insecurity, and other sectors.
The president added that the foreign loan has become necessary to bridge the financial gap and return the economic activities of the country to normalcy, adding that it would be used to develop infrastructure, agriculture, health, education, water supply, security, and employment as well as financial management reforms.
Similarly, the Red Chamber also okayed Tinubu’s request to securitise the Central Bank of Nigeria N7.3trn Ways and Means advances to the Federal Government.
