Tinubu Seeks National Assembly Approval for New Foreign Loans Amid Soaring Debt

President Bola Ahmed Tinubu has requested approval from the National Assembly to secure $21.5 million and ¥15 billion in external loans, along with a €65 million grant, as part of Nigeria’s external borrowing plan for 2025–2026.

According to a letter read by Senate President Godswill Akpabio during Tuesday’s plenary, the funds will support nationwide projects aimed at improving food security, reducing poverty, fostering entrepreneurship, building skills, and generating employment.

All 36 states and the FCT are expected to benefit from the initiatives.

However, this request comes at a time when Nigeria's total national debt has reached ₦144.7 trillion (about $94.2 billion), based on December 2024 figures from the Debt Management Office. External debt already accounts for 48.6% (₦70.3 trillion) of the total, while domestic debt makes up 51.4% (₦74.4 trillion).