Tinubu Requests Legislative Clearance for New $516 Million Borrowing Initiative
President Bola Tinubu has submitted a formal request to the Senate, seeking authorization to secure a new loan totaling $516,333,070.
nThis loan, as outlined in a letter to Senate President Senator Godswill Akpabio, is slated to be borrowed from Deutsche Bank.
nThe primary objective of this loan is to finance the Sokoto-Badagry 1,000 Super Highway, a project that has already received approval for borrowing.
nIn his letter, which was read aloud during Thursday's plenary session, President Tinubu urged the Senate to expedite the approval process.
nSenate President Akpabio promptly referred the letter to the Committee on Local and Foreign Debts, tasking them with taking legislative action and reporting back within a one-week timeframe.
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