President Bola Tinubu has asked the National Assembly to approve a loan of $7.86 billion and €100 million under the Federal Government’s 2022-2024 external borrowing plan.
The President’s request, contained in a letter addressed to Senate President, Godswill Akpabio, and Speaker of the House of Representatives, Abbas Tajudeen, was read at plenary, yesterday.
Tinubu said if the request is granted, the funds will be used to develop infrastructure, agriculture, health, education, water supply, security and employment as well as financial management reforms.
Also, the President declared he would not hesitate to sack ministers and cabinet members who fail to fulfill performance objectives.
This came as he announced intention to sign a performance bond at the end of a three-day cabinet retreat, which began at the Banquet Hall of the Presidential Villa, Abuja.
Declaring the retreat open, Tinubu announced the setting up of a Results Delivery Unit headed by former Managing Director of Nigeria Ports Authority (NPA), Hadiza Bala Usman, to coordinate and review the performance of cabinet members.
Addressing the participants, the President said: “You have an opportunity to change things. Recently, we received the Chancellor of the Republic of Germany and his delegation of investors. One of their key complaints and questions is whether they can bring their capital, repatriate their dividend, or if not satisfied, take their capital away.
“The Minister of Trade and Investment was called upon by me to explain further, that those obstacles are gone, never to come back again. We are open for business.
“And that is why we’ve established the Results Delivery Unit. At the end of this retreat, you’re going to sign a bond of understanding between you, the Ministers, the Permanent Secretaries and myself.”
“If you are performing, nothing to fear; if you miss the objective, we’ll review; if no performance, you leave us. No one is an island and the buck stops at my desk.”