Gom Mirian
The Senate has given its approval to President Bola Tinubu’s request for a borrowing plan totalling $7.4 billion and €100 million from 2022 to 2024, despite concerns over Nigeria’s debt.
The decision was made during a special plenary session on December 30, following the adoption of the report from the Senate Committee on Local and Foreign Debt.
Senator Haruna Manu, the Vice Chairman of the Committee, presented the report and acknowledged the concerns raised by Nigerians regarding the country’s debt levels and its sustainability. He emphasised that debt service constitutes a substantial portion of the nation’s revenue, accounting for over 30% of its annual budget expenditure.
The borrowing request aims to obtain funds from various financial institutions and is primarily allocated to projects within the Ministries of Education, Agriculture, and Women’s Affairs. These projects focus on ongoing programs and projects that are expected to have positive effects on economic growth, infrastructure development, job creation, poverty alleviation, commercial and engineering activities, and tax revenues for the government.
In addition to approving the borrowing plan, the Senate also agreed to securitize the remaining N7.3 trillion in revenue in Nigeria’s Consolidated Revenue Fund.
Furthermore, the Senate confirmed the appointments of Executive Commissioners for the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) after considering the report from the Senate Joint Committee on Petroleum Upstream.
The appointees include Bashir Indabawa, Kelechi Ofoegbu, Enorense Amadasu, and Babajide Fasina, who will serve as Executive Commissioners for various roles within the NUPRC
