Tinubu Requests Senate Approval for Fresh $8.6B and €100M Loan to Drive Key Projects

• House passes N61.55b supplementary FCT statutory budget for second reading
• Lawmakers okay Olaopa as FCSC chairman, 11 others as board members

President Bola Ahmed Tinubu has asked the Senate to give him authorisation to borrow $8,699,168,559 and €100 million to carry out critical projects across the country.

The President’s request was contained in a letter read at commencement of plenary by Senate President Godswill Akpabio, yesterday. Tinubu, in the letter, explained that the request was part of the Federal Government’s 2022-2024 external borrowing plan approved by former President Muhammadu Buhari’s administration.

He said the projects cut across different sectors of the economy and were selected based on economic evaluation and expected contribution to the country’s development.

The letter reads: “I write in respect of the above subject and to submit the attached: the Federal Government’s 2022-2024 external borrowing plan, for consideration and early approval of the National Assembly to ensure prompt implementation of the projects.

“The Senate may wish to note that the past administration approved a 2022-2024 borrowing plan by the Federal Executive Council (FEC) held on May 15, 2023.

“The projects cut across all sectors, with specific emphasis on infrastructure, agriculture, health, water supply, roads, security, and employment generation as well as financial management reforms.

“Consequently, the required approval is in the sum of $8,699,168,559 and €100 million.” This came as the House of Representatives passed through second reading the N61.55 billion supplementary budget (appropriation bill) for the Federal Capital Territory Administration (FCTA).

Out of the proposed sum, N12 billion is for overhead and N48.65 billion for capital expenditure costs for the service of the FCT for the financial year ending December 31, 2023.
The bill was passed for second reading shortly after it scaled through first reading, sequel to the FCT supplementary statutory appropriation request submitted by President Tinubu to the House.

Tinubu, in a letter read by Speaker Abbas Tajudeen at the commencement of plenary, asked the House to consider the request to enable the government execute projects the current budget could not fund. He said the projects are intended to ease transportation and provide gainful employment.
In another development, the Senate gave approval for the appointment of Prof. Tunji Olaopa as chairman, Federal Civil Service Commission (FCSC).

Eleven others were also confirmed as members of the FCSC, representing various states of the federation.

This followed the presentation and adoption of a report of the Committee on Establishment and Public Service by the chairman, Oluwole Cyril (APC, Ekiti) at the Committee of the Whole, yesterday.

While presenting the report, Oluwole urged the Senate to consider the request of President Tinubu for confirmation of the nominees for appointment as chairman and members of FCSC. He said the request was pursuant to Section 154 (1) of the 1999 Constitution of the Federal Republic of Nigeria as amended.