Tinubu Seeks Reps Approval For $8.699bn, €100m External Loans

• President Bola Ahmed Tinubu is seeking approval from the House of Representatives for an external loan
• Tinubu wrote to the House on Friday, 24th November 2023, to seek approval for loan - $8, 699, 168, 559 and 100 million euros
• The Speaker, Rt Honourable Tajudeen Abbas, disclosed this during plenary on Tuesday, November 28

Legit.ng journalist Adekunle Dada has over 5-year-experience covering metro and government policy

FCT, Abuja - President Bola Ahmed Tinubu has written to the House of Representatives seeking approval of $8, 699, 168, 559 and 100 million euros external loans

The Speaker, Tajudeen Abbas read the letter titled “Request for Approval for the Federal Government 2022-2024 External Borrowing (Rolling) Plan” during plenary on Tuesday, November 28, The Nation.

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The request is said to be a component of the federal government’s 2022-2024 External Borrowing (Rolling) Plan.

In a separate letter, President Tinubu also asked the House to grant him an audience to present the proposed N27.5 trillion budget for the 2024 financial year before a joint session of the National Assembly on Wednesday, November 29, 2023, Leadership reported.

According to President Tinubu, it has become imperative to resort to prudent external borrowing to bridge the financial gap.

He explained that funds will largely be applied to key infrastructure projects including power, railway, and health among others.

The letter partially read:

“Following the removal of the fuel subsidy and its attendant impact on our economy, the African Development Bank and the World Bank Group have indicated an interest in assisting the country to mitigate the impact with the sum of one billion USD and 1.5 billion USD respectively. In addition to the FEC approved 2022-2024 external abridged borrowing plan. Consequently, the required approval is in the sum of USD 8, 699, 168, 559 and 100 million euros."

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Despite N87.38 trillion debt, Tinubu’s government approves $1 billion loan from AfDB

Tinubu’s government approves $1 billion loan from AfDB

Meanwhile, Legit.ng reported that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the Federal Executive Council (FEC) authorized a $1 billion budget loan from the African Development Bank (AfDB).

Edun stated that an inherited financing and processing loan involved $100 million from AfDB and $15 million from the Canada-African Development Bank Climate Fund.

Source: Legit.ng