The President is also seeking approval of a domestic bond issuance of N757.9 billion to settle outstanding pension liabilities.
Nigeria’s public debt has now exceeded N180 trillion.
This comes after President Bola Tinubu on Tuesday requested the National Assembly to approve an additional external and domestic loans totalling N34.15 trillion.
Tinubu, according to the letters, is seeking approval for a new external borrowing plan of over $21.5 billion, which translates to N33.39 trillion at the official exchange rate of N1,590 per dollar.
The President is also seeking approval of a domestic bond issuance of N757.9 billion to settle outstanding pension liabilities.
In the separate letters to the Senate and House of Representatives, read at yesterday’s plenary by the President of the Senate, Senator Godswill Akpabio, and Speaker of the House, Tajudeen Abbas, President Tinubu highlighted the strategic significance of the 2025–2026 borrowing plan, noting that it spanned key sectors of the economy.
Tinubu said: “The 2025–2026 borrowing plan covers all sectors, with specific emphasis on infrastructure, agriculture, health, education, water supply, growth, security, and employment generation, as well as financial and monetary reforms, among others.”
He explained that the total facility sought under the external borrowing plan includes USD 21,543,647,912; EUR 2,193,856,324.54; and 15 billion Japanese Yen, in addition to a grant of 65 million EUR.
Tinubu, who noted that the proposed borrowing is crucial, in light of removal of fuel subsidy and its economic implications, said: “In light of the significant infrastructure deficit in the country and paucity of financial resources needed to address this gap, amid declining domestic demand, it has become essential to pursue prudent economic borrowing to close the financial shortfall.”