President Bola Ahmed Tinubu has formally requested the approval of the National Assembly to secure fresh external loans totaling $21.5 million and ¥15 billion as part of the federal government’s proposed 2025–2026 external borrowing strategy.
The request, which also includes a €65 million grant, was conveyed in a letter read by Senate President Godswill Akpabio during Tuesday’s plenary session.
In the correspondence, President Tinubu stated that the proposed funds would be directed toward initiatives aimed at job creation, skills development, entrepreneurship promotion, poverty alleviation, and food security enhancement. He emphasized that the associated projects are expected to have broad national reach, benefiting all 36 states and the Federal Capital Territory (FCT).
This request comes amid concerns over Nigeria’s rising public debt, which stood at N144.7 trillion (approximately $94.2 billion) as of December 2024, according to data from the Debt Management Office. Of the total, 51.4 percent (N74.4 trillion) is domestic debt, while 48.6 percent (N70.3 trillion) is attributed to external borrowing.
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