President Bola Ahmed Tinubu has asked the National Assembly to approve $20.5 billion and €1.04 billion in external loans to fund infrastructure and development projects across Nigeria.
The President’s request came in a letter that Senate President Godswill Akpabio read during plenary on Tuesday.
Tinubu said the proposed loans would support critical projects across the country. However, the letter, as described in the available report, did not provide details of the individual projects or their costs.
The request comes as Nigeria prepares for the 2027 general elections. It has also drawn attention to the government’s plans to secure additional foreign financing.
President Bola Ahmed Tinubu has asked the National Assembly to approve $20.5 billion and €1.04 billion in external loans to fund infrastructure and development projects across Nigeria.
The President’s request came in a letter that Senate President Godswill Akpabio read during plenary on Tuesday.
Tinubu said the proposed loans would support critical projects across the country. However, the letter, as described in the available report, did not provide details of the individual projects or their costs.
The request comes as Nigeria prepares for the 2027 general elections. It has also drawn attention to the government’s plans to secure additional foreign financing.
The proposed borrowing comprises $20.5 billion and €1.04 billion. The National Assembly must consider the request before the government can proceed with the proposed loans.
External loans can provide funds for major infrastructure projects. However, they also create repayment obligations, including interest and other borrowing costs.
The government’s ability to repay the loans will depend partly on how it uses the funds, the terms of the borrowing and its future revenue.
The available report did not specify the proposed repayment periods, interest rates or the expected contribution of each loan to Nigeria’s development plans.
