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President Bola Ahmed Tinubu has formally sought the National Assembly’s approval for new external loans amounting to $21.5 million and ¥15 billion as part of the federal government’s proposed external borrowing plan for the 2025–2026 period.

In addition to the loan request, the borrowing proposal also includes a €65 million grant intended to support federal initiatives under the same framework.

The president’s appeal was presented through a letter read aloud by Senate President Godswill Akpabio during Tuesday’s plenary session.

In the communication, President Tinubu explained that the funds would be directed toward key development goals such as job creation, vocational training, entrepreneurship development, poverty alleviation, and improved food production.

He underscored that the targeted projects are expected to benefit all 36 states of the federation, as well as the Federal Capital Territory (FCT), ensuring broad national impact.

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This new borrowing request comes against the backdrop of Nigeria’s growing public debt, which, as of December 2024, stood at N144.7 trillion (approximately $94.2 billion), according to figures released by the Debt Management Office. The debt profile reveals that domestic borrowing accounts for around 51.4% (N74.4 trillion), while external debt represents about 48.6% (N70.3 trillion).

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