Tinubu Seeks $20.5bn, €1.04bn Fresh Foreign Loans

President Bola Tinubu has asked the National Assembly to approve fresh external loans totalling $20.5 billion and €1.04 billion to finance infrastructure and development projects across Nigeria.

The request was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Tuesday.

According to the President, the proposed borrowings are intended to fund critical projects aimed at addressing the country’s infrastructure needs and supporting national development.

The request comes amid growing public scrutiny of the Federal Government’s borrowing plans, with questions being raised about Nigeria’s rising debt obligations, the utilisation of previous loans and the benefits of such borrowings to ordinary citizens.

With the 2027 general elections approaching, the proposed loans are also likely to intensify debate over the Tinubu administration’s economic policies, particularly as Nigerians continue to grapple with the cost of living and other economic pressures.

The National Assembly’s consideration of the request will be crucial in determining whether the proposed external financing receives legislative approval.

However, details of the individual projects to be financed, their implementation timelines, repayment terms and the expected economic returns were not provided in the information available.

The key question for Nigerians is whether the proposed borrowing will translate into tangible improvements in infrastructure, employment and living standards, while ensuring that the country can meet its future debt-servicing obligations.