The Ministry of Finance says President Bola Tinubu’s request to borrow $21.5 billion is part of a strategic financing plan, not a blanket loan approval.
In a statement, the ministry explained that the request forms part of the 2024–2026 External Borrowing Rolling Plan and is aimed at supporting critical sectors like infrastructure, energy, and agriculture.
Also Read: President Tinubu Seeks NASS Approval for $21.5bn Loans, Pension Bond
It added that most of the funds would come from concessional lenders such as the World Bank, African Development Bank, and China Eximbank, with favourable repayment terms.
President Tinubu also requested approval to issue federal bonds worth ₦757.9 billion to clear outstanding pension liabilities. The ministry says each facility will be linked to growth-enhancing projects.
Leave feedback about this
You must be logged in to post a comment.