Nigeria’s President Bola Tinubu has asked the National Assembly to approve a supplementary external borrowing plan worth $20.52bn and €1.04bn to fund projects and programmes across several sectors.
The request was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Tuesday.
The proposed borrowing, which includes loans denominated in US dollars and euros, requires legislative approval before it can proceed.
Tinubu’s request comes as the federal government continues to pursue external financing for projects and programmes across various sectors of the economy.
However, further details on the specific projects to be financed, the proposed lenders and the repayment terms were not immediately available in the information provided.
The National Assembly is expected to consider the president’s request in line with the legislative process governing federal borrowing.
External borrowing remains a key source of funding for governments seeking to finance major infrastructure and development projects, but it can also increase debt-servicing obligations and expose public finances to foreign exchange risks.
