Tinubu Seeks National Assembly Approval for $21.54 Billion Loan, Foreign Bond

President Bola Ahmed Tinubu has formally requested the National Assembly to approve a new external borrowing plan worth $21.54 billion, alongside €2.19 billion, ¥15 billion, and a €65 million grant as part of Nigeria’s 2025–2026 Medium-Term Development Plan.

He also requested approval for a $2 billion foreign currency bond programme. The formal requests were contained in three letters read during Tuesday’s plenary by Senate President Godswill Akpabio and Speaker of the House Abbas Tajudeen.

According to the president, the proposed loans and grants are targeted at funding critical national infrastructure projects and strengthening priority sectors, including agriculture, health, education, water resources, security, and financial management systems. The plan also includes provisions to address outstanding pension liabilities.