President Bola Tinubu on Tuesday, requested the Senate to grant him approval for the 2025-2026 external borrowing plan of $21.5 billion.
Tinubu also sought the approval of the Senate for a loan of 15 billion Japanese Yen and 51 million Euros grant.
President Tinubu made the requests in a letter he forwarded to the President of the Senate, Senator Godswill Akpabio, which he read on the floor of the apex legislative Assembly during plenary session.
The letter reads in part: ”Following the removal of the first fuel subsidy and its impact on the national economy, approval is sought for the external building plan.
“I want to emphasise that the projects and programmes included in the plan were selected based on technical and economic evaluations and the anticipated contributions to the socioeconomic development of the country.”
Tinubu pointed out that the initiatives were aimed at generating employment, promote skill acquisition, foster entrepreneurship, reduce poverty and enhance food security.
According to the President, these loans if approved by the lawmakers, will improve the livelihoods of Nigerians.
He also pointed out that majority of the projects and programmes would be implemented across the country.
He said: “These funds will primarily be directed towards critical infrastructure projects including sectors in power, railways healthcare among others.
“Given the urgent nature of business and the importance of stabilising the economy, it is therefore crucial to seek approval of the distinguished senate for the 2025-2026 external borrowing plan.
“This will enable the government to fulfill its obligations to the Nigerian people through timely and effective project implementation.”
After reading the letter, Akpabio forwarded the request to the Senate Committee on Local and Foreign Debts for further legislative action, mandating the Panel to revert to plenary within two weeks.