President Bola Tinubu has requested approval from the National Assembly to make fresh borrowings amounting to several million of dollars.
The President noted that the three types of borrowings are to finance government projects in view of dwindling financial constraints.

The requests from President Tinubu are contained in three separate letters read on the floor of the House of Representatives by Speaker Tajudeen Abbas and on the Senate floor by Senate President Godswill Akpabio.

These are capital grazing funds, the FGN 2025-2026 external borrowing plan and a request for approval for the issuance of domestic bonds to fund retirees’ pensions through the Contributory Pension scheme.

One of the letters reads: “The House of Representatives is invited to note that the 2025-2026 borrowing plan covers all sectors with specific emphasis on infrastructure, agriculture, health, education, water supply, growth, security, and employment generation, as well as financial and monetary reforms, among others.

“The total facility of the program under the borrowing plan is USD 21,543,647,912, and also EUR 2,193,856,324.54. And in Japanese Yen, 15 billion Yen and grant of 65 million Euro, respectively.

“In the light of the removal of the fuel subsidy and its impact on the national economy, approval is called for the borrowing plan, which amounts to USD 21,543,647,912, and EUR 2,193,856,324.54. And in Japanese Yen, 15 billion Yen and grant of 65 million, respectively.

“This initiative aims to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty, and enhance food security, as well as to improve the livelihoods of Nigerian. Majority of these projects and programs will be implemented across all 36 states and the Federal Capital Territory.

“In light of the significant infrastructure deficit in the country and the power of financial resources needed to address this gap amid declining domestic demand, it has become essential to pursue prudent economic borrowing to close the financial shortfall.

“These funds will primarily be directed towards critical infrastructural projects, including railways, healthcare among others. Given the market nature of these needs and the importance of stabilizing the economy, it is crucial to seek the consideration and approval of the House of Representatives for the 2025-2026 External Borrowing Plan.

“This will enable the government to fulfill its obligations to the Nigerian people through timely disbursement and effective project implementation.”