In a significant move, President Bola Tinubu has requested the National Assembly's approval to proceed with a substantial loan facility, seeking a total of $7,864,508,559 and €100 million. This request, originally initiated during the administration of former President Muhammadu Buhari under the 2022-2024 external borrowing plan, is intended to finance a range of critical sectors, including infrastructure, health, education, agriculture, and national security.
President Tinubu's request, conveyed in a letter read by Senate President Godswill Akpabio during a plenary session, emphasized the importance of bridging the financial gap and revitalizing the nation's economy. Notably, the president did not specify the source of the loan but mentioned that the African Development Bank (AfDB) and the World Bank Group (WBG) have shown interest in assisting Nigeria by contributing $1 billion and $2 billion, respectively.
The borrowing plan is structured to fund projects and programs across all 36 states of the federation, along with the Federal Capital Territory. It encompasses critical sectors, placing particular emphasis on infrastructure development, agriculture, health, education, water supply, security enhancement, employment generation, and financial management reforms.
President Tinubu highlighted that the selection of projects for funding was based on positive technical economic evaluations and their expected contributions to socioeconomic development, including poverty reduction, employment creation, skills acquisition, and enhanced food security. The loan's approval now rests with the National Assembly, setting the stage for crucial discussions and deliberations on the nation's financial trajectory
