Nigeria's president asks parliament to approve $8.6bn borrowing plan

Nigeria's President Bola Tinubu has asked lawmakers to approve the government's external borrowing plan for 2022-2024, to finance projects across sectors of the economy, according to a letter read in parliament on Tuesday.

Tinubu asked parliament to approve $8.69 billion and 100 million euros ($109.71 million) for projects across infrastructure, agriculture, health, education, water supply, growth, security, employment generation, as well as financial management reforms.

The president needs parliament's approval for the government, elected in May, to amend the 2022-2024 borrowing plan that was set by the previous government.

He added that African Development Bank and the World Bank have indicated interest in assisting Nigeria mitigate the impact of a fuel subsidy removal with potential loans of $1 billion and $1.5 billion respectively.

Nigeria's parliament last week passed the country's medium-term expenditure framework for 2024-2026, setting out the government's fiscal plan for the next three years and paving the way for the president to present next year's budget.

Reuters