President Bola Ahmed Tinubu has requested the National Assembly’s approval to secure external loans amounting to $21.5 million and ¥15 billion, along with a €65 million grant, as part of the federal government’s proposed 2025–2026 external borrowing plan.
The president’s request was conveyed in a formal letter read by Senate President Godswill Akpabio during Tuesday’s plenary session.
According to the letter, the funds are intended to support key national initiatives aimed at job creation, skills development, entrepreneurship promotion, poverty reduction, and food security enhancement. President Tinubu noted that the proposed programmes will have a nationwide reach, covering all 36 states and the Federal Capital Territory (FCT).
This new loan request comes as Nigeria’s total public debt stood at N144.7 trillion (approximately $94.2 billion) as of December 2024, according to data from the Debt Management Office. Of this figure, 51.4 percent (N74.4 trillion) is domestic debt, while 48.6 percent (N70.3 trillion) is external debt.
The president stressed that the borrowing plan is crucial to achieving the administration’s development goals and delivering long-term socioeconomic benefits across the country.
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