Nigeria’s President Bola Tinubu is seeking to borrow external loans of $21.5 million and ¥15 billion, along with a grant of €65 million, as part of the federal government’s proposed 2025–2026 external borrowing plan.
He made the request for the loan approval to the National Assembly.
A letter to that effect was read by Senate President, Godswill Akpabio, during the plenary on Tuesday.
Tinubu explained that the funds will be used to generate employment, promote skill acquisition, enhance entrepreneurship, reduce poverty, and boost food security.
He emphasised that the proposed projects and programmes are designed to have a nationwide impact, spanning all 36 states of the federation and the Federal Capital Territory (FCT).
The letter has been referred to the Senate Committee on Local and Foreign Debt.
It has the mandate to review the proposal and present its findings to the Senate within two weeks
