The Senate today Saturday, December 30, approved President Bola Tinubu’s request to borrow $7.8billion and €100 million as part of the 2022- 2024 borrowing plan of the federal government.
The resolutions of the Senate followed its consideration and adoption the report of its committee on Local and Foreign Debt during its special plenary. President Tinubu had said that the Federal Executive Council under former President Muhammadu Buhari approved the loan facility on May 15, 2023 to finance infrastructure, health, education, agriculture, insecurity and other sectors.
He further explained that the foreign loan has become necessary to bridge the financial gap and return the economic activities of the country to normalcy.
The funds, he said, would be used to develop infrastructure, agriculture, health, education, water supply, security and employment as well as financial management reforms.