President Bola Ahmed Tinubu has approached the National Assembly with a fresh request to secure external loans amounting to $21.5 million and ¥15 billion, alongside a €65 million grant, as part of the federal government’s 2025–2026 borrowing plan.
The request, unveiled during Tuesday’s plenary by Senate President Godswill Akpabio, is aimed at funding nationwide initiatives to tackle unemployment, boost entrepreneurship, enhance skills, reduce poverty, and strengthen food security.
According to Tinubu’s letter, the proposed projects will span all 36 states and the Federal Capital Territory, with a promise of wide-reaching socio-economic impact.
The move comes amid growing concerns over Nigeria’s ballooning debt, which stood at N144.7 trillion (about $94.2 billion) as of December 2024, per Debt Management Office figures.
Nearly half of that; N70.3 trillion was external debt, while domestic borrowings accounted for N74.4 trillion.
