Tinubu admin seeks Senate approval to borrow $8 billion


Nigerian President Bola Tinubu has requested the Senate’s approval for an approximately $8 billion external borrowing plan covering the years 2022-2024. This financial initiative aims to support various sectors, including infrastructure, health, education, and security, in Nigeria, which is Africa’s largest economy and leading oil producer. Nigeria’s increased reliance on debt is attributed to reduced tax revenues and lower oil exports, which represent a significant source of foreign currency. In his letter to the Senate, Tinubu sought $7.86 billion and 100 million euros ($105.40 million) without specifying the funding sources.

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Nigeria has previously accessed international credit markets, issued eurobonds, and received loans from institutions like the World Bank and African Development Bank to support its budget. Tinubu emphasized the necessity of external borrowing to address the country’s economic challenges and fund vital projects, including power, railway, and healthcare.

The government’s policy objective is to shift towards promoting investments as a means of job creation and infrastructure development rather than solely relying on borrowing. The Senate and House of Assembly are presently deliberating on a supplementary budget of 2.176 trillion naira ($2.8 billion) to address pressing matters, such as defense and security. Furthermore, Nigeria’s cabinet recently approved a budget of 26.01 trillion naira ($34 billion) for the upcoming year, with a significant portion earmarked for interest payments.

Gbenga Samson
Gbenga Samsonhttp://ThisDayLive.com
Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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