President Tinubu has requested authorization from the Senate to borrow $21.5 billion, EUR 2.1 billion, and 15 billion yen.
It also requests a grant of 65 million Euro.
In a letter, the President stated: “In view of the termination of the gasoline subsidy and its impact on the national economy, approval is required for the borrowing plan in the amount of USD 21,543,647,912 and EUR 2,193,856,324.54. And in Japanese yen, 15 billion yen and a grant of 65 million, respectively.
“The goal of this effort is to create jobs, encourage skill development, foster entrepreneurship, alleviate poverty, increase food security, and improve Nigerians’ livelihoods. The majority of these projects and activities will be implemented in all 36 states and the Federal Capital Territory.
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“Given the country’s enormous infrastructure deficit and the financial resources required to address it in the face of diminishing domestic demand, responsible economic borrowing has become critical to closing the financial gap.
“These money will be primarily allocated to important infrastructure projects such as railways and healthcare, among others. Given the market nature of these needs, as well as the importance of economic stability, the House of Representatives must consider and approve 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.”
