- Former President Muhammadu Buhari’s Federal Executive Council approved a loan facility on May 15, 2023, to finance various sectors including infrastructure, health, education, agriculture, and insecurity.
- The funds will be allocated for infrastructure, agriculture, health, education, water supply, security, employment, and financial management reforms.
President Bola Tinubu’s request to borrow $7.8 billion and €100 million as part of the federal government’s 2022–2024 borrowing plan was approved by the Senate on Saturday, December 30.
The Senate’s resolutions came after it had considered and approved the report of its committee on foreign and local debt at a special plenary session.
According to Tinubu, the loan facility to finance infrastructure, health, education, agriculture, insecurity, and other sectors was approved by the Federal Executive Council, which was led by former President Muhammadu Buhari, on May 15, 2023.
He went on to say that the country’s economic activity must resume normalcy in order to close the financial imbalance, which has made a foreign loan unavoidable.
According to him, the money will go towards improving financial management changes as well as infrastructure, jobs, water supply, agriculture, health, and education.