By Nathaniel Zacchaeus, Abuja
President Bola Tinubu has asked the Senate to approve the sum of $8.699bn and €100m foreign loans which the Federal Executive Council ratified during the former president Muhammadu Buhari’s administration.
It was part of the 2022-2024 borrowing plan.
Tinubu requested in a letter to the red chamber which was read during plenary by Senate President, Godswill Akpabio.
The aforementioned sums were approved by the FEC on May 15 under former President Buhari.
Initially, the president had asked the National Assembly to approve $7.8bn, €100m in the borrowing plan of the federal government.
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Part of the letter read, “I write in respect of the above subject and to submit the attached federal government 2022-2024 external borrowing plan for consideration and early approval of the national assembly to ensure prompt implementation of the projects.
“The Senate may wish to note that the past administration approved a 2022-2024 borrowing plan by the Federal Executive Council (FEC) held on May 15, 2023.
“The project cuts across all sectors, with specific emphasis on infrastructure, agriculture, health, water supply, roads, security, and employment generation as well as financial management reforms.
“Consequently, the required approval is for $8,699,168,559 and €100m.
“I would like to underscore the fact that the projects and programmes in the borrowing plan were selected based on economic evaluations as well as the expected contribution to the social economic development of the country, including employment generation, and skills acquisition.
“Given the nature of these facilities, and the need to return the country to normalcy it has become necessary for the senate to consider and approve the 2022- 2024 external abridged borrowing plan to enable the government to deliver its responsibility to Nigerians.”
Meanwhile, President Tinubu had written both chambers of the National Assembly about his intention to present the 2024 Budget at a joint session today (Wednesday)
The letter was read in the Senate by Akpabio.
The Federal Government had proposed N27.5trn for the 2024 fiscal year.
The Appropriations bill will contain budget proposals for the 2024 fiscal year.
It will be the first budget President Tinubu will present to the National Assembly since he was inaugurated in May.
The presentation of the 2024 budget on Wednesday indicates that the Tinubu administration will maintain the January to December budget cycle initiated by former President Muhammadu Buhari.
The Federal Executive Council, on Monday, approved the 2024 appropriation bill of N27.5 trillion to be presented by President Tinubu.
