President Bola Tinubu has sought the approval of the Senate for the 2025-2026 external borrowing plan of $21.5 billion.
Tinubu also sought the approval of the Senate for a loan request of 15 billion Japanese Yen and 51 million Euros grant.
Tinubu’s request is contained in a letter addressed to Senate President Godswill Akpabio and read at plenary in Abuja on Tuesday, May 27, 2025.
The president stated: ”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.”
Tinubu noted that the initiatives were aimed at generating employment, promote skill acquisition, foster entrepreneurship, reduce poverty and enhance food security.
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He said this will improve the livelihoods of Nigerians.
Tinubu added that majority of the projects and programmes would be implemented across the country.
He stated: “These funds will primarily be directed towards critical infrastructure projects including sectors in power, railways 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.”
Akpabio thereafter forwarded the request to Senate Committee on Local and Foreign Debts for further legislative inputs and to revert to plenary within two weeks.
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