• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Tuesday, June 10, 2025
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
Home Top Stories

Tinubu seeks $7.8bn, €100m loans after presenting N2.18trn supplementary budget

the move has left many Nigerians wondering about the implications and necessity of these financial requests.

by NewsOnline Nigeria
November 2, 2023
in Top Stories
0
2024 budget presentation

Tinubu

President Tinubu has sought $7.8bn and €100m loans after presenting N2.18trn Supplementary Budget.

 

Newsonline Nigeria reports that President Bola Tinubu has sought Senate approval for a second round of loans totaling $7.8 billion and €100 million, barely a day after his N2.18 trillion supplementary budget request was presented.

 

This Nigeria news platform understands that the move has left many Nigerians wondering about the implications and necessity of these financial requests.

 

READ ALSO: Shehu Sani, Sowore urge President Tinubu to cancel purchase of N5bn presidential yacht

 

The request was unveiled by Senate President Godswill Akpabio during a plenary session on Wednesday, leaving many observers curious about the urgency and rationale behind such borrowing.

 

In the letter addressed to the Senate, Tinubu defended the loan requests, highlighting that the borrowing plan was previously approved by the past administration during a Federal Executive Council meeting in May 2023.

 

The funds are intended to be allocated to various sectors, including infrastructure, agriculture, health, education, water supply, security, employment, and financial management reforms.

 

Tinubu made it clear that the African Development Bank (AfDB) and the World Bank Group have expressed interest in assisting Nigeria to mitigate the economic shocks resulting from the recent removal of fuel subsidies and other reforms, offering $1 billion and $2 billion, respectively.

“The projects and programs borrowing plans were selected based on positive technical economic evaluations and their expected contributions to the socioeconomic development of the country,” he stated.

 

The President emphasized that these initiatives would encompass all 36 states of the federation and the Federal Capital Territory, with a focus on key infrastructure projects such as power, railway, and health.

 

“In view of the present economic realities facing the country, it has become imperative that the resolve to use external borrowing to bridge the financing gap which will be applied to key infrastructure projects, including power, railway, and health, among others,” the President declared, underscoring the urgency of the situation.

This request for further loans has stirred concerns about Nigeria’s growing debt burden and its ability to manage repayments. As the Senate deliberates on this latest financial move, Nigerians await further details on the specific projects these loans will fund and their potential impact on the country’s economic future.

Previous Post

BREAKING: EFCC Operatives banned from conducting night raids across Nigeria

Next Post

MultiChoice hikes subscription prices for 3rd time in 2023 amid economic hardship

Next Post

MultiChoice hikes subscription prices for 3rd time in 2023 amid economic hardship

NEWSONLINE NIGERIA

Get the Latest Naija News, Breaking News, Top Stories, World News, Business, Politics & Entertainment from NewsOnline Nigeria.

RELEVANT PAGES

  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

ALERT US

Important Press Releases, Special Investigations: admin@newsonlineng.com

OFFICE ADDRESS

13 Poland Street, London, United Kingdom (UK)

Copyright © 2025 NewsOnline Nigeria

No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports

Copyright © 2023 Newsonline Nigeria

Exit mobile version