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The Senate has approved the sums of 7.8 billion dollars and 100 million euros in President Bola Tinubu’s proposed 2022–2024 borrowing plan.
The President had written to the Senate requesting consideration and early approval of the 2022-2024 External Borrowing Plan to ensure prompt implementation of projects, according to the Daily Trust newspaper citing a letter read on the floor of the Senate on Wednesday.
President Bola Tinubu said his predecessor, former President Muhammadu Buhari, had approved the external borrowing plan on May 15.
Included in the plan is $1 billion to be borrowed from the African Development Bank and $2 billion from the World Bank as well as 100 million euros from an undisclosed lender.
The funds would be invested in a number of areas including infrastructure, agriculture, health, education and water supply.
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