{"id":135802,"date":"2023-12-31T09:09:57","date_gmt":"2023-12-31T09:09:57","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/12\/31\/senate-grants-tinubus-request-to-borrow-7-8bn-e100m\/"},"modified":"2023-12-31T09:09:57","modified_gmt":"2023-12-31T09:09:57","slug":"senate-grants-tinubus-request-to-borrow-7-8bn-e100m","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/12\/31\/senate-grants-tinubus-request-to-borrow-7-8bn-e100m\/","title":{"rendered":"Senate Grants Tinubu\u2019s Request To Borrow $7.8bn, \u20ac100m"},"content":{"rendered":"

<\/p>\n

\n
\"Tinubu
President Bola Ahmed Tinubu<\/figcaption><\/figure>\n

President Bola Ahmed Tinubu\u2019s request to borrow $7.8 billion and \u20ac100 million as part of the Federal Government\u2019s 2022\u20132024 borrowing plan has been approved by the Senate.<\/p>\n

The Senate\u2019s resolutions came after it had considered and approved the report of its Committee on Foreign and Local Debt at a special plenary session on Saturday.<\/p>\n

Tinubu had said that the loan facility to finance infrastructure, health, education, agriculture, insecurity, and other sectors was approved by former President Muhammadu Buhari-led Federal Executive Council, on May 15, 2023.<\/p>\n

He went on to say that the country\u2019s economic activity must resume normalcy in order to close the financial imbalance, which has made a foreign loan unavoidable.<\/p>\n

According to him, the funds will go towards improving financial management changes as well as infrastructure, jobs, water supply, agriculture, health, and education.<\/p>\n

READ ALSO: Senate Passes 2024 Budget, Increases It By N1.2trn<\/strong><\/p>\n

Similarly, the Red Chamber also okayed Tinubu\u2019s request to securitise the Central Bank of Nigeria N7.3 trillion Ways and Means advances to the Federal Government.<\/p>\n

The President, in a letter read by the Senate President, said the securitisation aims to reduce debt service costs and extend the repayment period of the existing loans.<\/p>\n

The Ways and Means provision allows the government to borrow from the Central Bank if it requires short-term or emergency financing to support delayed government projected cash receipts of fiscal shortfalls.<\/p>\n

The interest rate for the securitised Ways and Means advances has been reduced to 9% per annum, compared to the Monetary Policy Rate of 0.3%.<\/p>\n

\u201cThe savings arising from the much lower interest rate will have to reduce the deficit in the budget,\u201d Tinubu said.<\/p>\n

\n
\"\"<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

President Bola Ahmed Tinubu President Bola Ahmed Tinubu\u2019s request to borrow $7.8 billion and \u20ac100 million as part of the Federal Government\u2019s 2022\u20132024 borrowing plan has been approved by the Senate. The Senate\u2019s resolutions came after it had considered and approved the report of its Committee on Foreign and Local Debt at a special plenary […]<\/p>\n","protected":false},"author":1,"featured_media":125676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-135802","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nigeria-news"],"yoast_head":"\nSenate Grants Tinubu\u2019s Request To Borrow $7.8bn, \u20ac100m - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/12\/31\/senate-grants-tinubus-request-to-borrow-7-8bn-e100m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Senate Grants Tinubu\u2019s Request To Borrow $7.8bn, \u20ac100m - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"President Bola Ahmed Tinubu President Bola Ahmed Tinubu\u2019s request to borrow $7.8 billion and \u20ac100 million as part of the Federal Government\u2019s 2022\u20132024 borrowing plan has been approved by the Senate. 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