Tinubu Requests $20.5bn Loan Approval from National Assembly

President Bola Tinubu has asked the National Assembly to approve a supplementary external borrowing plan amounting to $20.52 billion and €1.045 billion to finance projects across critical sectors of Nigeria's economy. This request, presented in a letter read by Senate President Godswill Akpabio, aims to address infrastructure deficits, accelerate economic growth, generate employment, and improve living conditions.

Tinubu emphasized that the proposed borrowing plan would cover sectors including infrastructure, agriculture, healthcare, education, water supply, security, and financial management reforms. Former Vice President Atiku Abubakar criticized the request, claiming it validated his earlier warnings about a potential loan plan of up to $20 billion and raised concerns about the misuse of public funds.

The African Democratic Congress Presidential Campaign Council also condemned the borrowing proposal, labeling it reckless and warning against excessive reliance on foreign loans. Additionally, Tinubu sought approval for the establishment of a Promissory Note Programme to settle outstanding verified liabilities totaling N269.44 billion.