Reps Receives President Tinubu’s Request on $8.699, €100m

By Linda Ike

The House of Representatives has received a letter from President Bola Tinubu, requesting for consideration and early approval of the Federal Government 2022 – 2024 external borrowing plan of the sum of $ 8.699 billion and €100million (Euros)

President Tinubu also requested that an audience be granted to him to present the N27 trillion budget for the 2024 financial year before a joint session of the National Assembly on Wednesday.

The sum according to a borrowing plan is to ensure prompt implementation of the project as read at plenary by the Speaker, Tajudeen Abbas.

The projects cut across all sectors with specific emphasis on infrastructure, agriculture, health, education,water supply, growth, security and employment generation, as well as financial management reforms amongst others.

It explained that following the removal of the fuel subsidy and its attendant impact on the nation’s economy, African Development Bank AfDB) and the World Bank Group (WBG) have indicated interest in assisting the country to mitigate the impact with the sum of USD 1Billion and USD 1.5 Billion, respectively, in addition to the Federal Executive Council approved 2022-2024 External Abridged Borrowing (Rolling) Plan.