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Tinubu asks Senate to approve $20.5bn, €1.04bn international loans

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Tinubu asks Senate to approve $20.5bn, €1.04bn foreign loans

President Tinubu has sought the Senate’s approval for a 2026–2027 Supplementary External Borrowing Plan price greater than $20.5 billion and €1.045 billion.

In a letter learn throughout plenary immediately October 27, the President stated the funds could be used to finance crucial tasks in infrastructure, agriculture, healthcare, schooling, safety and different sectors.

He stated the proposed financing was aimed toward accelerating financial progress, creating jobs and lowering poverty.

Senate President Godswill Akpabio talked about that the request didn’t represent contemporary borrowing and defined that the plan was already captured within the beforehand authorised 2025–2026 Rolling Borrowing Plan.

The Senate subsequently referred the request to its Committee on Local and Foreign Debts for additional consideration.

The committee was directed to report again to the Senate inside one week.

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