REPORT: Tinubu seeks NASS approval for $21.5m, ¥15bn loans, €65m grant in 2025–2026 borrowing plan
President Bola Tinubu has requested the approval of the National Assembly to secure external loans amounting to $21.5 million and ¥15 billion, alongside a €65 million grant, under the federal government’s proposed 2025–2026 external borrowing plan.
According to a report by PREMIUM TIMES, the president’s request was contained in a formal letter read by Senate President Godswill Akpabio during Tuesday’s plenary session.
The letter stated that the funds are intended to support nationwide initiatives aimed at creating jobs, promoting skills development, enhancing entrepreneurship, reducing poverty, and improving food security.
President Tinubu emphasized that the planned projects and programmes would be implemented across all 36 states of the federation and the Federal Capital Territory (FCT).
Following the reading of the letter, Senator Akpabio referred the request to the Senate Committee on Local and Foreign Debt, directing the committee to review the proposal and submit its findings within two weeks.
The loan request comes amid growing concerns over Nigeria’s rising debt levels. Data from the Debt Management Office (DMO) shows that the country’s total public debt stood at N144.7 trillion (approximately $94.2 billion) as of 31 December 2024. Of this amount, 51.4 per cent (N74.4 trillion) is domestic debt, while 48.6 per cent (N70.3 trillion) is external.
Nigeria’s debt servicing costs have also surged significantly in recent years. In 2023, the government spent N7.8 trillion on debt servicing—an increase of 121 per cent from the N3.52 trillion recorded in 2022. The figure rose further to N13.12 trillion in 2024, representing a 68 per cent increase from the previous year.
