President Bola Ahmed Tinubu has formally requested approval from the National Assembly to secure new external loans totaling \$21.5 million and ¥15 billion as part of the federal government’s 2025–2026 external borrowing plan. In addition to these loans, the president also sought the inclusion of a €65 million grant in the borrowing framework.
The request was presented during Tuesday’s Senate plenary by Senate President Godswill Akpabio. According to President Tinubu’s letter, the funds will be strategically deployed to create jobs, enhance skill acquisition, boost entrepreneurship, alleviate poverty, and improve food security across Nigeria. These initiatives are planned to have a wide-reaching impact, benefiting all 36 states and the Federal Capital Territory.
This borrowing proposal comes amid Nigeria’s mounting public debt, which stood at approximately N144.7 trillion (around \$94.2 billion) as of December 2024, according to the Debt Management Office.
The debt portfolio consists of roughly 51.4 percent domestic debt and 48.6 percent external debt, highlighting the government’s ongoing reliance on both internal and external financing sources.
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