President Bola Ahmed Tinubu has sought the approval of the National Assembly for fresh external borrowing of 20.5 billion dollars and 1.04 billion euros to finance critical infrastructure and development projects across the country.
The request was contained in a letter from the President read during Senate plenary on Tuesday by the President of the Senate, Godswill Akpabio.
President Tinubu explained that the proposed loans would support the implementation of critical projects aimed at accelerating infrastructure development and boosting economic growth.
The fresh borrowing request comes amid preparations for the 2027 general elections and growing public concerns over Nigeria’s debt profile.
Some Nigerians have questioned the timing and necessity of additional borrowing, calling on the Federal Government to provide clarity on the projects to be financed and the repayment plan.
The request is expected to be considered by the relevant committees of the National Assembly before lawmakers take a decision.
