Tinubu seeks N20bn external loans for infrastructure, other projects

President Bola Tinubu has asked the National Assembly to approve a supplementary external borrowing plan of $20.52 billion and €1.04 billion to finance projects across key sectors of the economy.

The request was conveyed in a letter read by Senate President Godswill Akpabio during Tuesday’s plenary.

Tinubu said the proposed loans would fund projects in infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.

According to the president, the borrowing plan is intended to accelerate economic growth, create jobs and bridge Nigeria’s infrastructure financing gap.

The letter put the proposed facilities at $20.517 billion and €1.045 billion, specifically €1,045,083,643.

Tinubu said the projects were selected after technical and economic assessments, with their potential contributions to the country’s socio-economic development taken into consideration.

He added that the programmes would promote skills acquisition, entrepreneurship, poverty reduction and food security, noting that most of them would be implemented across the 36 states and the Federal Capital Territory.

The president said external borrowing had become necessary to mobilise the resources required for critical infrastructure development.

“In light of the need for significant infrastructure investment in the country and the vast financial resources needed to address this gap, it has become essential to pursue prudent external borrowings to close the financing shortfall,” he said.