JUST IN: Tinubu transmits convicted offenders transfer bill to Senate

President Bola Tinubu has requested the Senate's approval for the Federal Government’s supplementary external borrowing plan, amounting to $20.52bn and €1.05bn, to fund various infrastructure and development projects nationwide. The proposal, conveyed to the National Assembly, was presented by the Senate President, Senator Godswill Akpabio, during Tuesday’s plenary session.

Tinubu urged lawmakers to promptly consider and approve the borrowing plan, stating that the funds would support critical projects in infrastructure, agriculture, healthcare, education, water supply, security, employment, and financial management reforms. The total borrowing amounts to $20,517,755,901 and €1,045,083,643. The President emphasized that the plan had undergone rigorous technical and economic evaluations, targeting socioeconomic development, job creation, skills acquisition, entrepreneurship, poverty reduction, and food security.

Most projects would be implemented across Nigeria's 36 states and the Federal Capital Territory, highlighting the nationwide scale of the investments. Tinubu argued that the significant infrastructure needs and the substantial financial resources required to bridge the funding gap necessitated prudent external borrowings. The request will undergo scrutiny by the relevant Senate committees, particularly the Committee on Local and Foreign Debts, in conjunction with the Committees on Appropriations and Finance, before the Senate decides on the legislative approval.