NEWS

Senate Okays Tinubu’s Request To Borrow $7.8bn, €100m

The Senate granted President Tinubu’s plea to borrow $7.8 billion and €100 million as part of the Federal Government’s 2022-2024 borrowing plan.

This approval followed the Senate’s review and adoption of the committee’s report on Local and Foreign Debt during Saturday’s plenary session.

Tinubu clarified that the loan, sanctioned by the former President Buhari-led Federal Executive Council on May 15, 2023, aimed to fund various sectors such as infrastructure, health, education, agriculture, security, and more, to revitalize the country’s economic activities.

He emphasized that this foreign loan was essential to bridge financial gaps and restore normal economic functions. These funds are intended for the development of infrastructure, agriculture, health, education, water supply, security, employment, and financial management reforms.

Additionally, the Senate also approved Tinubu’s request to securitize the Central Bank of Nigeria’s N7.3 trillion Ways and Means advances to the Federal Government. Tinubu, in a letter presented by the Senate President, highlighted that this securitization aimed to reduce debt service costs and prolong the repayment period for existing loans. The Ways and Means provision allows the government to borrow from the Central Bank during fiscal shortfalls or delayed government cash receipts.

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