Senate Grants Tinubu’s Request To Borrow $7.8Bn, €100M After Approving N2.17trn
- The recent request for loan approval made by the federal government of Nigeria headed by President Tinubu has been granted
- The senate in its session on Wednesday, November 1, finally approved Tinubu’s request to borrow the sums of 7.8 billion dollars and 100 million euros
- This is coming a day after the President asked the National Assembly to approve N2.17trn as the 2023 supplementary budget
Legit.ng journalist Esther Odili has over 2 years of experience covering political parties and movements
FCT, Abuja - The Nigerian Senate on Wednesday, November 1, 2023, approved the sums of 7.8 billion dollars and 100 million euros in President Bola Ahmed Tinubu’s proposed 2022–2024 borrowing plan.
Source: Facebook
Why Tinubu is seeking $7.8Bn, €100M loan
The president had written to the Senate requesting consideration and early approval of the 2022-2024 External Borrowing Plan to ensure prompt implementation of projects, Channels TV reported.
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This is coming barely two days after the Federal Executive Council (FEC) approved N2.17 trillion as the second supplementary budget for this year 2023, Vanguard reported.
BusinessDay reported 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.
Akpabio approved Tinubu's request during the Wednesday plenary and referred the plan to the committee of the foreign desk, finance, and national planning for further deliberation.
Senate exposes Nigerian Minting Company's N14 billion illegal salary raise
Legit.ng reported earlier that the senate queried the Board of Directors, Nigerian Security Printing and Minting Company, NSPMC Plc, for raising all its employees' pay by N14 billion without getting permission from the National Salaries Wages, Incomes and Wages Commission.
The matter was brought to the attention of the Senate Public Accounts Committee Chairman, Senator Ahmed Wadada, at a meeting in the Red Chamber in Abuja.
Yemi Cardoso unveils plans as CBN governor, promises shift from Emefiele's policies
In another report, Yemi Cardoso, the new CBN governor, has provided insights into what Nigerians should expect from him.
He also addressed some CBN policies under Godwin Emefiele's leadership.
Cardoso, alongside side four deputy Governors, was confirmed by the senate as the new CBN management team on Tuesday, September 26, 2023.
Source: Legit.ng
