President Bola Ahmed Tinubu has asked the National Assembly to approve fresh external loans totaling $21.5 million and ¥15 billion as part of Nigeria’s proposed 2025–2026 borrowing plan.
The president’s request also includes a €65 million grant to be incorporated into the federal government’s external financing arrangements.
Senate President Godswill Akpabio read Tinubu’s letter during Tuesday’s plenary session. In it, the president explained that the funds would be directed toward job creation, skill development, entrepreneurship support, poverty reduction, and food security.
Tinubu noted that the projects tied to the funds are designed to have a nationwide impact, covering all 36 states and the Federal Capital Territory (FCT).
This new loan request comes amid rising national debt levels. According to the Debt Management Office, Nigeria’s total public debt stood at ₦144.7 trillion (approximately $94.2 billion) as of December 2024. Of this, ₦74.4 trillion (51.4%) is domestic debt, while ₦70.3 trillion (48.6%) is external debt.
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