Tinubu’s loan request: Dubai got the money for infrastructure by borrowing, says Senator Jimoh Ibrahim.
If you borrow and develop infrastructure, you’re better for it, he added. According to him, borrowing is the only way out for Nigeria.
President Bola Tinubu has submitted a request to the Senate, seeking the National Assembly’s approval for the execution of a new external borrowing amounting to N1,76 trillion (equivalent of $2.209 billion at the Budget Exchange Rate of USD1.00/N800) as outlined in the 2024 Appropriation Act.
The President stated that this action aligns with the stipulations outlined in Sections 21(1) and 27(1) of the Debt Management Office (DMO) (Establishment, Etc.) Act of 2003, as well as receiving the endorsement of the Federal Executive Council.
