Tinubu seeks NASS approval to borrow over $21 billion to rescue Nigeria’s Economic system

President Bola Tinubu has formally requested the approval of the Nationwide Meeting for a collection of strategic borrowing initiatives geared toward funding key nationwide initiatives and addressing fiscal shortfalls triggered by dwindling revenues and post-subsidy financial pressures.

In three separate letters learn on the Home flooring by Speaker Tajudeen Abbas, the President outlined proposals for the implementation of three main financing devices. These embody: a $2 billion Capital Grazing Fund, a complete 2025–2026 Exterior Borrowing Plan valued at over $21.5 billion, and the issuance of home bonds to offset pension obligations beneath the Contributory Pension Scheme, totalling ₦757.98 billion.

The exterior borrowing package deal additionally encompasses €2.19 billion, ¥15 billion (Japanese Yen), and a €65 million grant. The loans are anticipated to help multi-sectoral initiatives spanning infrastructure, well being, training, agriculture, water provide, and financial reforms.

In one of many letters addressed to the Home, the President underscored the urgency of bridging Nigeria’s important infrastructure hole, stressing that the proposed loans would finance precedence initiatives throughout all 36 states and the Federal Capital Territory. Nigeria: Nigerian trend

“The 2025–2026 borrowing plan is designed to stimulate job creation, foster entrepreneurship, increase agricultural productiveness, and improve meals safety,” the letter said.

“It’s a focused response to the socio-economic impacts of gas subsidy removing, and a essential transfer to stabilise the economic system amid constrained home revenues.”

Tinubu additionally argued that the exterior funds could be channelled into crucial sectors together with rail improvement, healthcare methods, and academic enchancment, all of that are pivotal to long-term nationwide progress.

“Given the size of the infrastructure deficit and the monetary calls for wanted to handle it, these borrowings are thought of prudent and important.

The requested approvals will guarantee well timed execution of initiatives and permit the federal government to satisfy its commitments to residents,” the President added.