On Saturday, December 30, the Senate approved President Bola Tinubu's request to borrow $7.8 billion and €100 million, forming part of the 2022-2024 borrowing plan for the federal government.
The Senate's resolutions came after it considered and adopted the report of its committee on Local and Foreign Debt during a special plenary session.
President Tinubu clarified that the loan facility, approved by the Federal Executive Council under former President Muhammadu Buhari on May 15, 2023, aims to finance various sectors, including infrastructure, health, education, agriculture, and addressing insecurity.
Tinubu emphasized the necessity of the foreign loan to bridge financial gaps and restore the country's economic activities to normalcy. The allocated funds are slated for the development of infrastructure, agriculture, health, education, water supply, security, employment, and financial management reforms.
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