President Bola Ahmed Tinubu has asked the National Assembly to approve new external loans totaling $21.5 million and ¥15 billion, along with a €65 million grant, as part of Nigeria’s proposed 2025–2026 external borrowing plan.
The request was presented in a letter read by Senate President Godswill Akpabio during plenary on Tuesday.
In the letter, President Tinubu stated that the funds are intended to support nationwide projects aimed at job creation, skill acquisition, entrepreneurship development, poverty reduction, and food security. He noted that the programmes would be implemented across all 36 states and the Federal Capital Territory (FCT).
The borrowing request comes amid concerns over Nigeria’s rising debt profile. According to data from the Debt Management Office (DMO) as of December 2024, the country’s total public debt stood at N144.7 trillion (approximately $94.2 billion). Of this figure, domestic debt accounts for N74.4 trillion (51.4%), while external debt stands at N70.3 trillion (48.6%).
Nzubechukwu Eze
