President Bola Tinubu has sought the approval of the Senate for a 2023-2024 external borrowing plan of $8.6 billion and €100 million.

Mr Tinubu disclosed the borrowing plan in a letter addressed to Senate President Godswill Akpiabio and read at plenary on Tuesday.

Mr Tinubu said the request for the borrowings was earlier contained in the 2022 to 2024 external borrowing plans approved by then-President Muhammadu Buhari at the Federal Executive Council on May 15.

The president said the federal government needed external borrowing to bridge the country’s financial gap, stating that the funds would be used to execute key infrastructure projects, including power, railway, and health projects.

“The projects cut across all sectors with specific emphasis on infrastructure, agriculture, health, education, water supply, security, employment generation amongst others,” said Mr Tinubu.

He said following the removal of fuel subsidy and its attendant impact on the economy, the African Development Bank and the World Bank Group indicated interest to assist Nigeria in mitigating the impact.

Mr Tinubu said the projects and programmes in the borrowing plan were selected based on positive technical and economic evaluation and their expected contribution to the country’s economic development.

The president also listed employment generation, skills acquisition, support towards the emergence of entrepreneurs, poverty education and food security to improve the livelihood of Nigerians as reasons for the facility.

Mr Akpiabio mandated the Senate committee on local and foreign debt to look at the letter for further legislative work and report back in one week.

(NAN)