President Bola Ahmed Tinubu has formally requested the National Assembly to approve external loans totaling $21.5 million and ¥15 billion as components of the federal government's proposed 2025-2026 external borrowing plan. The request also includes a grant of €65 million to be incorporated into the borrowing framework.

Senate President Godswill Akpabio read the president's letter during Tuesday's plenary session, outlining the administration's intentions for the funds. According to the letter, the borrowed funds would be directed toward creating employment opportunities, promoting skill acquisition, enhancing entrepreneurship, reducing poverty, and strengthening food security initiatives across the country.

President Tinubu emphasized that the proposed projects and programs are designed to have nationwide impact, benefiting all 36 states of the federation and the Federal Capital Territory (FCT).

This fresh loan request comes at a time when Nigeria's total public debt has reached N144.7 trillion (approximately $94.2 billion), according to December 2024 data from the Debt Management Office. The current debt profile shows that about 51.4 percent (N74.4 trillion) is domestic debt, while 48.6 percent (N70.3 trillion) represents external obligations.

The National Assembly is expected to deliberate on the president's request in the coming days, as the administration continues to seek financial resources to fund its development agenda amid economic challenges facing the nation.

Economic analysts will be closely monitoring the legislative response to this borrowing plan, particularly as debates continue about Nigeria's growing debt profile and debt sustainability concerns.