In not less than 24 hours after seeking an approval of 2.18 Trillion supplementary budget on Tuesday, the President, Bola Ahmed Tinubu approached the Senate for approval of additional loan of $7.8 billion.
The Senate President, Godswill Akpabio read the letter during the plenary session on Wednesday.
Few months ago, the National Assembly approved a 819.5 billion presented by the President.
The president in his letter said “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 projects 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.”
He went further by saying, “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.”
Many Nigerians lament about this situation and express their thoughts;
“My question is where is the money saved so far from fuel subsidy removal. I don’t understand how this country operates. Someone should educate me on this. I thought by now this country would have been far better because Tinubu told us that trillions will be saved after removal of fuel subsidy.
I really don’t understand why Nigeria is still borrowing.”
Another said; “So no plans to improve the economy through investments, improve public infrastructures, profitable ventures and diversifications, only to borrow and increase the rate of indebtedness. Nigeria is doomed the way things are going.”