- The President in the letter further explained that the projects and programmes will be implemented in all the 36 states of the federation and the Federal Capital Territory
President Bola Tinubu announced on Wednesday that ministers in his cabinet will retain their positions solely on the basis of their performance, subject to regular reviews.
Tinubu made this statement while inaugurating the 2023 Cabinet Retreat for Ministers, Presidential Aides, Permanent Secretaries, and Senior Government Officials, held at the State House Conference Centre in Abuja.
The letter from the President read, “The Senate may wish to note that the past administration approved the 2022 – 2024 borrowing plan at the Federal Executive Council which was held on the 15th day of May 2023.
“The project cut across all sectors with specific emphasis on infrastructure, agriculture, health, education, water supply, security and employment as well as financial management reforms, among others.
“The total facility of the projects and programmes under the borrowing plan is 7,864,508,559 dollars and then in Euro, 100 million euros respectively.”
The President’s letter noted, “The senate is invited to note that following the removal of fuel subsidy and its impact on the economy in the country, African Development Bank and the World Bank Group have indicated interest to assist the country in mitigating the economic shores and recent reforms with a sum of $1 billion and $2 billion respectively.
“In addition to the Federal Executive Council approved 2022-2024 external borrowing plan. Consequently, the required approval is 7,864,508,559 dollars and in terms of euros, 1000 million euros.
“I would like to underscore the fact that the projects and programmes borrowing plans were selected based on positive technical economic evaluations as well as the expected contribution to the social economic development of the country, including employment generation, skills acquisitions, supporting the emergence of more enterprenuers, poverty reduction and food security to improve the livelihood of an average Nigerian.”
The President in the letter further explained, “The projects and programmes will be implemented in all the 36 states of the federation and the Federal Capital Territory.