President Bola Tinubu has sought the approval of the Senate for the 2025-2026 external borrowing plan of $21.5 billion.
The president also sought the approval of the senate for a loan request of 15 billion Japanese Yen and 51 million Euros grant.
The News Agency of Nigeria (NAN) reports that Tinubu’s request is contained in a letter addressed to the Senate President, Godswill Akpabio, and read at plenary on Tuesday.
Tinubu, in the letter, said, “Following the removal of the first fuel subsidy and its impact on the national economy, approval is sought for the external building plan.
“I want to emphasise that the projects and programmes included in the plan were selected based on technical and economic evaluations and the anticipated contributions to the socioeconomic development of the country.”
The President added that the majority of the projects and programmes would be implemented across the 36 states of the country.
He noted that amid declining domestic funding, it had become essential to pursue prudent external borrowing, saying that a vast financial resource was needed to address the infrastructure gap across the country.
“These funds will primarily be directed towards critical infrastructure projects, including sectors in power, railways, and healthcare, among others.
“Given the urgent nature of business and the importance of stabilising the economy, it is therefore crucial to seek approval of the distinguished senate for the 2025-2026 external borrowing plan.
“This will enable the government to fulfill its obligations to the Nigerian people through timely and effective project implementation,” he said.
Akpabio thereafter referred the request to the Senate Committee on Local and Foreign Debts for further legislative inputs and to revert to plenary within two weeks.
