President Bola Ahmed Tinubu has submitted a request to the National Assembly seeking approval for new external loans amounting to $21.5 million and ¥15 billion, alongside a €65 million grant. The funding is part of the federal government’s proposed external borrowing plan for the 2025–2026 fiscal period.

The request was presented in a letter read by Senate President Godswill Akpabio during plenary on Tuesday. According to the president, the funds will be directed towards nationwide programmes focused on job creation, skills development, entrepreneurship promotion, poverty reduction, and food security.

Tinubu emphasized that the proposed initiatives would be implemented across all 36 states and the Federal Capital Territory (FCT), ensuring nationwide impact.

This request comes amid growing concerns over Nigeria’s debt profile. According to the Debt Management Office (DMO), the country’s total public debt stood at ₦144.7 trillion (approximately $94.2 billion) as of December 2024. Of this, ₦74.4 trillion (51.4%) is domestic debt, while ₦70.3 trillion (48.6%) is external.

If approved, the loans and grant will be included in the government’s medium-term external borrowing strategy, aimed at supporting key development goals.