Tinubu Seeks NASS Approval To Borrow $8.6bn, €100m
Bola Ahmed Tinubu

The President of Nigeria, Bola Ahmed Tinubu has written a letter to the National As­sembly to seek its approval for the Federal Government to borrow $8,699,168,559 and €100 million.

The President’s request was contained in letters addressed to the Senate President, Godswill Ak­pabio, and Speaker of the House of Representatives, Rt. Hon. Taju­deen Abbas, who read the corre­spondence at plenary.

Africa Today News, New York recalls that President Tinubu had asked the National Assembly to approve $7.8 billion, €100 mil­lion in the borrowing plan of the Federal Government.

The aforementioned sums were approved by the Federal Executive Council (FEC) on May 15 under former Presi­dent Muhammadu Buhari. ­

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.’

Read Also: Tinubu Inherited An ‘Almost Comatose’ Govt – Abiodun

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 in the sum of $8,699,168,559 and €100 million.

‘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 deliver its responsibility to Nigerians.’

Meanwhile, President Bola Tinubu would depart Abuja today for Dubai, the United Arab Emirates, to attend the COP28 Climate Summit.

The summit is tagged the 28th United Nations Climate Change Conference, or Con­ference of the Parties of the UNFCCC (COP28).

At the world leaders’ summit, which takes place on December 1 and 2, 2023, under the theme, ‘Unite, Act, and Deliver,’ Presi­dent Tinubu will deliver a national statement, high­lighting Nigeria’s stance on various thematic issues, including renewable energy and climate financing.

Mindful of the severe impact of climate change on Nigeria, such as desert­ification, flooding, erosion, drought, and national se­curity risks arising there­from, President Tinubu will maximise the opportunity afforded by the platform to advocate increased finan­cial and technical support for developing nations.

Tinubu will use the op­portunity to remind devel­oped countries of their pub­lic pledge to provide $100 billion annually for support to localised initiatives to ad­dress climate change-relat­ed challenges.

Africa Today News, New York

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