Tinubu Seeks Senate Approval For Fresh $7.8bn, €100m Loan

President Bola Tinubu has written to the Senate requesting an expedited approval of the 2022-2024 borrowing plan.

VerseNews reports that the proposed plan seeks to obtain a total of $7.8 billion and €100 million to fund various projects and programs across all sectors of the economy, including infrastructure, agriculture, security, employment generation, and health among others.

The President also revealed that the World Bank Group has expressed an interest in providing funding support of $1 billion and $2 billion to mitigate the economic shocks and recent reforms in the country.

To ensure the speedy implementation of the plan, Tinubu urged the upper legislative chamber to grant expedited consideration.

Senate President Godswill Akpabio read the letter during plenary on Wednesday and referred the plan to the committee of the foreign desk, finance, and national planning for further deliberation.