Tinubu Once Again Seeks Senate Approval for Additional $7.8bn and €100m Loans

Yesterday, the President presented another N2.18 trillion supplementary budget to the National Assembly.

A few months ago, the National Assembly approved a total of N819.5 billion, which included a N500 billion palliative package to alleviate the impact of recent economic policies.

In the president’s letter, he stated: “I would like to underscore the fact that the projects and programmes borrowing plans were selected based on positive technical economic evaluations as well as the expected contribution to the social economic development of the country, including employment generation, skills acquisitions, supporting the emergence of more entrepreneurs, poverty reduction, and food security to improve the livelihood of an average Nigerian.”

The President further explained that these projects and programs will be implemented in all 36 states of the federation and the Federal Capital Territory. The external borrowing will be used to bridge the financing gap for key infrastructure projects including power, railway, and health, among others.

Therefore, the President urged the Senate to consider and approve the 2022-2024 external borrowing plans to enable the government to deliver its responsibilities to Nigerians through expeditious disbursement and efficient project implementation.