Tinubu seeks $20.5bn foreign loan for projects
President Bola Tinubu has asked the Senate to approve a borrowing plan of $20.52 billion and €1.045 billion for national development.
President Bola Tinubu has requested the Nigerian Senate's approval for a supplementary external borrowing plan totaling $20.52 billion and €1.045 billion. The funds are intended to finance infrastructure and development projects across the nation.
The proposed loans come as Nigeria's debt burden faces increased scrutiny, with rising refinancing costs and minimal savings to cover maturing obligations. Former Vice President Atiku Abubakar has called for detailed project-specific information on the loan plan, citing concerns about transparency.
The Federal Government and the Nigeria Labour Congress (NLC) have agreed on measures to alleviate economic hardship for workers, including a ₦70,000 transport intervention and payment of arrears to health workers. Separately, a ministerial committee recommended sanctions and prosecution for NSCDC officers over the deaths of 33 detainees in Niger State.
Why it mattersPresident Bola Tinubu is seeking foreign loans that will increase Nigeria's national debt.