Nigerian President Bola Tinubu has requested Senate approval for foreign loans totalling $8,699,168,559 and €100 million, which were ratified by the Federal Executive Council (FEC) during the administration of former President Muhammadu Buhari.
The loan request is part of the 2022-2024 borrowing plan. Initially, the president had sought approval for $7.8 billion and €100 million.
The loans, approved by FEC on May 15 under Buhari, cover various sectors, including infrastructure, agriculture, health, water supply, roads, security, and employment generation. In addition, Tinubu informed the Senate and House of Representatives about his intention to present the 2024 Budget at a joint session, maintaining the January to December budget cycle. The proposed budget is set at N27.5 trillion for the 2024 fiscal year.