President Bola Ahmed Tinubu has asked the National Assembly to approve fresh external loans worth $20.5 billion and €1.04 billion to fund major projects across Nigeria.
The President’s request was contained in a letter read by Senate President Godswill Akpabio during plenary on Tuesday.
In the letter, Tinubu said the proposed loans would be used to finance critical infrastructure and development projects across the country.
The request comes as Nigeria prepares for the 2027 general elections, with the planned borrowing likely to attract public attention amid concerns over the country’s growing debt.
Many Nigerians have questioned the need for fresh loans, particularly as the government continues to face pressure to address economic challenges and improve living conditions.
The National Assembly is expected to consider the President’s request before deciding whether to grant approval for the proposed borrowing.
