President Bola Ahmed Tinubu has formally asked for the National Assembly’s approval to secure external loans totalling $21.5 million and ¥15 billion as part of the federal government’s proposed borrowing plan for 2025-2026. The request also includes a grant of €65 million to be included in the external borrowing plan.
Senate President Godswill Akpabio read the president’s letter during a plenary session on Tuesday, outlining that the funds would be used to create job opportunities, improve skill acquisition, support entrepreneurship, alleviate poverty, and enhance food security.
President Tinubu highlighted that the projects and programs funded by these loans are intended to have a significant impact across all 36 states of Nigeria and the Federal Capital Territory (FCT).
This fresh loan comes as Nigeria’s total public debt stood at N144.7 trillion (approximately $94.2 billion), according to Debt Management Office December 2024 data. A breakdown of the existing public debt showed that about 51.4 percent of the total (N74.4 trillion) is domestic debt, while 48.6 percent (N70.3 trillion) is external debt
