The borrowing plan submitted by President Bola Ahmed Tinubu to the National Assembly represents a proposal and consists of projected borrowings by the federal and state governments over the next two years.
The Presidency and the Ministry of Finance yesterday clarified that it is an all-inclusive national plan that comprises proposed loans by several states across the various geopolitical zones and the loan component of the Federal Government’s expenditure plan.
The clarification came against the misconception that the Federal Government intends to borrow under the current fiscal year. President Tinubu on Tuesday sought approval from the National Assembly for the 2025–2026 External Borrowing Rolling Plan, totalling some $20 billion.
In three separate letters, the President sought approval for the borrowing of $2 billion for capital grazing funds, $21,543,647,912; 2,193,856,324.50 Euro, 15 billion Japanese yen, a grant of 65 million Euro and N757,983,246,571.
The Ministry of Finance explained that the rolling borrowing plan should not be confused with actual borrowing for any given year. According to the ministry, the actual borrowing for each year is contained in the annual budget.
