President Tinubu Seeks National Assembly Approval for $8.6bn, €100m External Loans

President Bola Tinubu has written the National Assembly seeking the approval for $8.6bn and €100m external borrowing plan for investing in power, roads, water, railway, and healthcare.

President Tinubu’s request was contained in a letter read by the President of the Senate, Godswill Akpabio, during plenary on Tuesday.

In the letter, President Tinubu said the loan was first requested during the administration of former President Muhammadu Buhari under the 2022 – 2024 external borrowing plan.

This is the second time the president will be requesting permission of the lawmakers to obtain foreign loan under the 2022 – 2024 external borrowing plan initiated by Buhari before he left office in May.

On November 1, President Tinubu asked the National Assembly to grant him permission to go ahead with with the processing of a loan facility of $7.86 billion and €100 million requested during the administration of Buhari as part of the external borrowing plan of 2022 – 2024.

That loan request has not been granted since it was requested.