Borrowing to loot: Tinubu Seeks Senate's authorization to borrow 21.5 billion dollars, EUR 2.1 billion and 15 billion yen
Anti—masses President of Nigeria Bola Ahmed Tinubu has submitted a request to the Senate for authorization to borrow 21.5 billion dollars, EUR 2.1 billion and 15 billion yen. It also seeks a grant of 65 million euros.
Tinubu in a letter to the national assembly said: “In the light of the removal of the fuel subsidy and its impact on the national economy, approval is called for the borrowing plan, which amounts to USD 21,543,647,912, and EUR 2,193,856,324.54. And in Japanese Yen, 15 billion Yen and grant of 65 million, respectively.
“This initiative aims to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty, and enhance food security, as well as to improve the livelihoods of Nigerian. Majority of these projects and programs will be implemented across all 36 states and the Federal Capital Territory.
“In light of the significant infrastructure deficit in the country and the power of financial resources needed to address this gap amid declining domestic demand, it has become essential to pursue prudent economic borrowing to close the financial shortfall.
“These funds will primarily be directed towards critical infrastructural projects, including railways, healthcare among others. Given the market nature of these needs and the importance of stabilizing the economy, it is crucial to seek the consideration and approval of the House of Representatives for the 2025-2026 External Borrowing Plan.
“This will enable the government to fulfill its obligations to the Nigerian people through timely disbursement and effective project implementation.”
Endless borrowing since 2015 till date have only compounded the woes of the country. If thorough investigation should be carried out, APC led government will be second to non in leadership corruption index since independence.
APC led government in Nigeria since 2015 till date has been a course through anti- people policies and programs that has further ruined the domestic economy as the country now known as the global capital of poverty in the faces of state enabled criminality of Bandits, Fulani herdsmen menace, kidnappers and ISWAP terrorists.
The hope of a free , fair and credible future elections is zero too as all opposition parties have been infiltrated and put in turbulence by the Tinubu led Federal government.
Anti—masses President of Nigeria Bola Ahmed Tinubu has submitted a request to the Senate for authorization to borrow 21.5 billion dollars, EUR 2.1 billion and 15 billion yen. It also seeks a grant of 65 million euros.
Tinubu in a letter to the national assembly said: “In the light of the removal of the fuel subsidy and its impact on the national economy, approval is called for the borrowing plan, which amounts to USD 21,543,647,912, and EUR 2,193,856,324.54. And in Japanese Yen, 15 billion Yen and grant of 65 million, respectively.
“This initiative aims to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty, and enhance food security, as well as to improve the livelihoods of Nigerian. Majority of these projects and programs will be implemented across all 36 states and the Federal Capital Territory.
“In light of the significant infrastructure deficit in the country and the power of financial resources needed to address this gap amid declining domestic demand, it has become essential to pursue prudent economic borrowing to close the financial shortfall.
“These funds will primarily be directed towards critical infrastructural projects, including railways, healthcare among others. Given the market nature of these needs and the importance of stabilizing the economy, it is crucial to seek the consideration and approval of the House of Representatives for the 2025-2026 External Borrowing Plan.
“This will enable the government to fulfill its obligations to the Nigerian people through timely disbursement and effective project implementation.”
Endless borrowing since 2015 till date have only compounded the woes of the country. If thorough investigation should be carried out, APC led government will be second to non in leadership corruption index since independence.
APC led government in Nigeria since 2015 till date has been a course through anti- people policies and programs that has further ruined the domestic economy as the country now known as the global capital of poverty in the faces of state enabled criminality of Bandits, Fulani herdsmen menace, kidnappers and ISWAP terrorists.
The hope of a free , fair and credible future elections is zero too as all opposition parties have been infiltrated and put in turbulence by the Tinubu led Federal government.
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