President Tinubu has submitted a request to the Senate for authorization to borrow 21.5 billion dollars, EUR 2.1 billion and 15 billion yen. It also seeks a grant of 65 million euros.

 President said in a letter: “In the light of the removal of the fuel subsidy and its impact on the national economy, approval is called for the borrowing plan, which amounts to USD 21,543,647,912, and EUR 2,193,856,324.54. And in Japanese Yen, 15 billion Yen and grant of 65 million, respectively.

 “This initiative aims to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty, and enhance food security, as well as to improve the livelihoods of Nigerian. Majority of these projects and programs will be implemented across all 36 states and the Federal Capital Territory. 

 “In light of the significant infrastructure deficit in the country and the power 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.

“These funds will primarily be directed towards critical infrastructural projects, including railways, healthcare among others. Given the market nature of these needs and the importance of stabilizing the economy, it is crucial to seek the consideration and approval of the House of Representatives for the 2025-2026 External Borrowing Plan.

“This will enable the government to fulfill its obligations to the Nigerian people through timely disbursement and effective project implementation.”