President Bola Tinubu has submitted a formal request to the Senate for approval to borrow $21.5 billion, €2.1 billion, and 15 billion Japanese Yen, alongside a €65 million grant, as part of Nigeria’s 2025–2026 external borrowing plan.
In his letter to the Senate, the President explained that the borrowing is necessary due to the economic impact of fuel subsidy removal and Nigeria’s pressing infrastructure deficit.
He noted that the funds will be used to support key national projects aimed at job creation, skill acquisition, entrepreneurship, food security, poverty reduction, and improved livelihoods across all 36 states and the FCT.
The loans will primarily finance critical infrastructure, including railway and healthcare projects. President Tinubu urged the National Assembly to consider and approve the plan, emphasizing its role in stabilizing the economy and ensuring timely project delivery.
