President Bola Ahmed Tinubu has asked the National Assembly to approve fresh external loans worth $20.5 billion and €1.04 billion to finance critical infrastructure and development projects across Nigeria.
The President’s request was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Tuesday.
According to the request, the proposed foreign loans are intended to support key projects aimed at improving infrastructure and promoting national development.
The development comes as Nigeria approaches the 2027 general elections, with the country’s borrowing plans likely to attract public attention and renewed discussions about debt sustainability, government spending, and the management of public finances.
Tinubu’s request now puts the proposed external borrowing before the National Assembly for consideration and approval.
Further details about the specific projects to be funded, the loan repayment terms, and the government’s justification for the proposed borrowing are awaited.
More details to follow.
