The Nation Newspaper President seeks National Assembly’s nod to borrow $7b, 100m Euros
yesterday urged the National Assembly to approve his request to borrow $7.8 billion and €100 million as part of the 2022 – 2024 borrowing plan of the Federal Government.
The President noted that the African Development Bank and the World Bank Group had indicated interest to assist the country in mitigating the economic shocks and recent reforms with $1 billion and $2 billion. In the letter, the President said the foreign loan had become necessary to bridge the financial gap and return the economic activities of the country to normalcy.
He added: “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 entrepreneurs, poverty reduction and food security to improve the livelihood of an average Nigerian.
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