NewStats: 3,263,501 , 8,180,361 topics. Date: Friday, 06 June 2025 at 09:48 AM 6ceo

Nigeria’s President Bola Tinubu has requested approval from lawmakers to raise almost $24 billion for an external borrowing plan over the next two years to boost economic growth.

The loans comprising $21.5 billion, 2-billion-euro and 15-billion-yen will be used to fund projects in sectors including infrastructure, health and agriculture, Tinubu said in a letter to federal lawmakers, that was read by the Senate president on Tuesday. “All of which will improve the livelihoods of the average Nigerian.”

https://www.bloomberg.com/news/articles/2025-05-27/nigeria-s-tinubu-seeks-nod-for--24-billion-external-loan-plan

President Bola Tinubu has asked the National Assembly to approve a fresh $21.5 billion external loan and a ₦758 billion domestic bond to fund key sectors and settle outstanding pension liabilities.

The requests were contained in separate letters sent to both the Senate and the House of Representatives, and read during plenary sessions on Tuesday.

The proposals have now been referred to the Senate Committee on Local and Foreign Debts for further legislative action, with a report expected in two weeks.

According to the President, the loan will be used to finance critical projects in infrastructure, health, education, and water supply across the country.

In a related request, Tinubu asked the Senate to authorise the issuance of Federal Government bonds in the domestic debt market, totalling ₦757.9 billion, to address pension arrears under the Contributory Pension Scheme.

He also requested approval to raise an additional $2 billion from the domestic market to investments in critical sectors of the economy. This request has also been sent to the Senate Committee on Local and Foreign Debts for review.

Earlier, the President had written to the House of Representatives to seek approval for the revised 2025–2026 external borrowing plan.

According to the letter read by the Speaker, the borrowing plan includes $21.5 billion, €2.2 billion, ¥15 billion Japanese yen, and a €65 billion grant.

It noted that the loans are intended to address the country’s infrastructure deficit and improve employment, among other objectives.

He also reiterated his request to borrow ₦757.98 billion from the domestic market to settle outstanding pension liabilities.

According to figures released by the Debt Management Office (DMO), Nigeria’s total public debt stood at ₦144.6 trillion as of December 31, 2024.

The data shows that external debt ed for ₦70.2 trillion, while domestic debt amounted to ₦74.3 trillion.

A breakdown of the figures reveals that the federal government was responsible for ₦62.9 trillion of the external debt and ₦70.4 trillion of the domestic debt. In contrast, state governments owed ₦7.3 trillion externally and ₦3.9 trillion domestically.

https://saharareporters.com/2025/05/27/tinubu-seeks-national-assembly-approval-215billion-loan-n758billion-bond-amid#google_vignette

Oh Father! What a country.

They are just borrowing money but I hope it's used judiciously for the purpose.

What?

$21b or $21m?...

This is better no true.

Why was subsidy removed and naira floated in the first place?

Thought it's for the government to be able to raise money and finance critical projects.

If so, why are they still borrowing money? This balablu government seems to have borrowed more money in less than 2 years more than the previous istration.

Some of you still ing this government, you people will not make heaven o.

Reno omkri told yoruba that tinubu has paid Nigerian debt 🤣🤣

Election dey come

I thought Tinubu was applauded few weeks ago for paying back debt owed to IMF, what changed?

Collect more loans and plunge the country further into debt.

When he clears this one, agbádorîans will run to town celebrating the achievement, not knowing that it was in preparation for taking on more

Same man they claimed to have paid foreign debt! If actually he had paid foreign debt,why borrowing money again? We deceive ourselves in this country

They will approve it even tonight, if they haven't approved it sef. No be rubber stamp nass again? 😂 😂

I was disturbed until I read the source.Still on the lookout from other sources

And it was a big news that we had repaid the IMF loans...only to request for fresh loans..

Does that even make sense?

Loans all over the place with barely nothing to ease the pains of Nigerians..

Na Buhari really complicate this loan requests..

Thieves

LordIsaac:
Oh Father! What a country.

Lmao 🤣🤣🤣🤣🤣🤣🤣🤣

All these foreign loans should stop.
It appears as if there are a few people in the federal government and the lending institutions who get commissions from these loans.
When the federal government takes external loans, they indirectly take money from the general Nigerian population through naira devaluation, and excessive inflation.

the best president in the world. Borrow more. twale !!!

I tire for this country walahi
A country that has so much wealth, even richer than this so called big countries that we kept borrowing from.
The annoying part is that, they borrow us money from our own savings. WTF

Antiurchins:
Reno omkri told yoruba that tinubu has paid Nigerian debt 🤣🤣

you dey mind that olodo man..

We repaid circa $3billion, only to turn around and request for a fresh loan much..

Lol

There was a country!!! 😔 😟

Tinubu's government is a government of the more you look, the less you see.

Ran to media houses a few days ago to publish that Nigeria paid all her debts to the tune of about $5 billion, only to be seeking to borrow another $22 billion.

Who are they trying to deceive nor impress by these propagandas propagated by all these paid APC media machines?

Tinubu is after our life

Make una give me my share oo, make I carry am play 5 odds.

Hmm. $24 billion? That's huge.

I thought they said subsidy removal will create savings and revenue for the govt.

Why do you prioritize high capital consuming projects when you know you don't have monies for even basic expenditures?

I heavily pity what our leaders are offering the unborn Nigerian children.

This is terrible.

By the time tinubu concludes his borrowing wickedness, Nigerians would wish they could run to Mars to get a relief.
Welcome to tinubulation; una neva see anything.

Ok ooo

We are told once the subsidy is removed, their will be more money for infrastructure, health and economic, why are they still borrowing?
This is a case of one chance aswear

forgiveness:
They are just borrowing money but I hope it's used judiciously for the purpose.

they play since time In memorial have they ever made judicious use of our common wealth bro, this loan is for embezzlement I just dey pity for my unborn generation.