BusinessDay reported Tuesday, Oct. 27, that President Bola Tinubu’s request for $20.52 billion and €1.045 billion in external borrowing was referred to Senate committees for a one-week review before lawmakers decide.
Senate President Godswill Akpabio read Tinubu’s letter during plenary and referred the request to the Committee on Local and Foreign Debts, which will work with the Appropriation and Finance committees, BusinessDay reported. Akpabio said the committees’ report would inform the Senate’s decision.
The letter put the total at $20.517 billion and €1,045,083,643. It named public infrastructure, agriculture, health, education, water, security, employment and financial-management reforms as areas for investment.
Expected gains listed in the letter included improved food security and poverty reduction, alongside job opportunities, skills development and support for entrepreneurs. Tinubu said technical and economic reviews informed the project selection.
Power, transportation and health care were identified as major destinations for the funds. Tinubu argued that external financing was needed to meet Nigeria’s infrastructure needs.
He said implementation would be spread among the country’s 36 states and the Federal Capital Territory. Akpabio also noted that elements of the request had featured in earlier budget discussions and that the Senate had approved an external borrowing plan in the past, BusinessDay reported.
The committees have one week to complete their examination and submit findings to the Senate, the outlet reported.
