Nigeria’s public debt profile is set to rise to N162.025 trillion as President Bola Ahmed Tinubu has sought the National Assembly’s approval for fresh loans’.
The president requested the legislature to approve new borrowing plans totaling $21.5 billion, along with €2.19 billion, 15 billion Japanese yen and a €65 million grant, as part of the federal government’s 2025–2026 borrowing framework.
The details were contained in the letters read during Tuesday’s plenary by Senate President Godswill Akpabio and House Speaker Abbas Tajudeen.
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He also proposed raising $2 billion through foreign currency bonds in Nigeria’s domestic market. The president said the funds would be targeted at key sectors and would be “ring-fenced” to ensure proper use. He noted that sectors would be carefully selected for their potential to drive economic growth, improve infrastructure, increase foreign exchange earnings, and create jobs.
The $21.5 billion and €2.2 billion loans are part of the 2025–2026 borrowing plan and will fund projects across power, agriculture, health, education, and security in all 36 states and the FCT.
The N758 billion bond will go toward clearing pension arrears under the Contributory Pension Scheme. Tinubu said this would restore confidence in the pension system and improve the welfare of retired public servants.
All requests have been forwarded to the House Committee on Finance for review.
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