President Bola Tinubu is seeking the approval of the Senate for an external loan to the tune of $8.6bn and €100m. 
This is to help improve critical infrastructure in key areas of the economy including power, roads, water, railway, and health.
Senate leader, Godswill Akpabio revealed this during plenary on Tuesday when he read the letter from the president to this effect which noted the fresh loan was part of the government's 2022-2024 external borrowing plan approved by former President Muhammadu Buhari’s administration.
The letter read: “I write in respect of the above subject and to submit the attached the 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 (FEC) 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.
“Consequently, the required approval is in the sum of $8,699,168,559 and €100 million."
The president also stated that this loan would help add to the country's economic development.
“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", said Tinubu.
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