President Tinubu on Tuesday, November 28, urged the Senate to consider and approve his request to obtain a loan of $8.69B and €100 million as part of the 2022 – 2024 external borrowing plan of the federal government.
Tinubu’s letter of request was read at plenary by Senate President, Godswill Akpabio.
The president noted that the World Bank and African Development Bank have indicated interest to support the loan with $1billion and N1.5billion respectively.
However, there have been debate amongst the concern citizens on why Nigeria shouldn’t be borrowing from external sources for next annual budget appropriation, in spite of the fact that Federal Government had removed subsidy at the beginning of this administration.
More updates on this are still coming.