- Departs Abuja for Dubai today for COP28 Summit
BY FESTUS OKOROMADU, ABUJA
President Bola Tinubu has written to the Senate seeking the approval of a fresh sum of $8.7bn and €100 million approved under former President Muhammadu Buhari.
According to Tinubu, the past administration approved a 2022-2024 borrowing plan by the Federal Executive Council held on May 15, 2023.
The letter which was read by the Senate President, GodsWill Akpabio, at the plenary on Tuesday stated that the money would be used to fund projects across all sectors, with specific emphasis on infrastructure, agriculture, health, water supply, roads, security, and employment generation as well as financial management reforms.
The letter read, “I write in respect of the above subject and to submit the attached Federal Government 2022-2024 external borrowing plan for consideration and early approval of the National Assembly to ensure prompt implementation of the projects.
“The Senate may wish to note that the past administration approved a 2022-2024 borrowing plan by the Federal Executive Council held on May 15, 2023.
“The project cuts across all sectors, with specific emphasis on infrastructure, agriculture, health, water supply, roads, security, and employment generation as well as financial management reforms.”
It added, “Consequently, the required approval is in the sum of $8,699,168,559 and €100 million.
“I would like to underscore the fact that the projects and programmes in the borrowing plan were selected based on economic evaluations as well as the expected contribution to the social economic development of the country, including employment generation, and skills acquisition.
“Given the nature of these facilities, and the need to return the country to normalcy it has become necessary for the senate to consider and approve the 2022- 2024 external abridged borrowing plan to enable the government deliver its responsibility to Nigerians.”
Earlier, Tinubu had asked the National Assembly to approve $7.8bn, €100m in the borrowing plan of the Federal Government.
Departs Abuja for Dubai today for COP28 Summit
Meanwhile, President Tinubu will depart Abuja today for Dubai, the United Arab Emirates, to attend the COP28 Climate Summit, also known as the 28th United Nations Climate Change Conference, or Conference of the Parties of the UNFCCC.
This was contained in a statement signed by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale.
Ngelale said, “Tinubu who will participate in the World Leaders’ Summit on December 1 and 2, 2023, will deliver a national statement highlighting Nigeria’s stance on various thematic issues, including renewable energy and climate financing.”
At the Leaders’ Summit with the theme, “Unite, Act, and Deliver,” President Tinubu will advocate increased financial and technical support for developing nations while reminding developed countries of their public pledge to provide $100bn annually for support to localised initiatives to address climate change-related challenges.
According to the statement, the President’s message will also focus on holding businesses and institutions accountable, reflecting Nigeria’s dedication to sustainable and responsible practices.
While in Dubai, Tinubu will actively participate in key sideline events, which will further “support the advancement of his avowed commitment to aggressively attract foreign direct investment for enhanced wealth creation and revenue expansion in the country, in addition to other events hosted by the Nigerian delegation,” Ngelale revealed.
Likewise, the Nigerian delegation to COP28 will actively explore establishing new and deeper bilateral partnerships to implement Nigeria’s Energy Transition, Article 6 Projects, Internationally Transferred Mitigation Outcomes, Technology Transfer, Capacity Building, and Methane Mitigation.
Tinubu, who will be accompanied by senior government officials, is expected to return to Abuja at the conclusion of the summit.
