President Bola Ahmed Tinubu yesterday, formally requested the approval of the National Assembly to secure a new wave of multi-currency loans amounting to approximately $23.5 billion, €2.265 billion, ¥15 billion, and N757.9 billion (totaling about N45 trillion when converted to Nigeria’s currency).
The borrowing plan spanning multiple international lenders and development institutions marks one of the most ambitious external financing proposals of his administration to date.
Specifically, the President is seeking approval for the capital raising of up to $2 billion in the domestic debt market.
This, he said, was to ensure the implementation of the Presidential Executive Order on foreign currency-denominated financial instrument local issuance programme.
Also, the President requested the approval of the legislative arm for the federal government’s 2025-2026 external borrowing plan.
However, the Director, Information and Public Relations, Federal Ministry of Finance, Mohammed Manga, in a statement made available to THISDAY, yesterday, clarified that the proposed debt rolling plan outlines the external borrowing framework for both the federal and sub-national governments over a two-year period.
