This borrowing initiative is part of Tinubu's broader economic reform agenda, which has included the removal of fuel subsidies and the devaluation of the Naira. While these measures aim to stimulate growth, they have also led to increased inflation and a higher cost of living.
The funds are earmarked for key sectors such as power, transportation, agriculture, and defense, with plans to raise the capital through Eurobonds, Sovereign Sukuk, and syndicated loans.
However, the proposal has sparked criticism from various quarters. Former Vice President Atiku Abubakar and the Lagos Chamber of Commerce and Industry have expressed concerns over Nigeria's rising debt profile and the potential burden on future generations.
As the National Assembly deliberates on this significant borrowing plan, the administration faces the challenge of balancing economic growth with fiscal responsibility.
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