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Senate approves Tinubu’s request to borrow $7.8bn, €100m

 

The senate has approved the request of President Bola Tinubu
to borrow the sums of $7.8 billion and €100 million as part of the 2022-2024
borrowing plan of the federal government.

 

The request was granted following the senate consideration
and adoption of the report of its committee on local and foreign debt during
Saturday’s plenary.

 

Tinubu had sent a request to the national assembly to
approve the sum, saying the funds, when obtained, would be used to assuage the
current economic realities and undertake many projects cutting across various
sectors of the economy.

 

According to the president, the foreign loan was crucial to
bridge the budget deficit and get the nation’s economic operations back to
normal.

 

Tinubu said the projects would be implemented in all the
states and the federal capital territory (FCT).

 

The national assembly, on Saturday, also approved Tinubu’s
request for the securitisation of outstanding N7.3 trillion ways and means debt
balance.

 

According to the president, it is crucial to securitise the
outstanding ways and means advance of the federal government before the end of
2023.

 

He said securitisation will lead to the realisation of some
benefits, such as reduction of debt service costs.

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