President Bola Tinubu has requested the approval of the National Assembly for the 2025-2026 external borrowing plan to the tune of $21.5 billion and €2.1 billion.
The President letter dated May 22,2025 and addressed to the Speaker of the House of Representatives was read at the plenary on Tues.
Tinubu said the external borrowing plan would enable the government to fulfill its obligations to the Nigerian people through timely disbursement and effective project implementation.
Tinubu added: “I write in reference to the above subject and to submit the attached Federal Government 2025-2026 External Borrowing Rolling Plan for consideration and early approval of the National Assembly to ensure prompt implementation of the projects.
“The House of Representative is invited to note that the 2025-2026 borrowing plan cuts across all sectors with specific emphasis on infrastructure, agriculture, health education, water supply, growth, security, and employment generation, as well as Financial Management Reforms, amongst others. Total facility of the projects and programmes under the Borrowing (Rolling) Plan is $21,543,647,912 and €2,193,856,324.54 & JPY 15,000,000,000.00 and Grant of €65,000,000.00 respectively, and the summary of the breakdown is attached.
“The House of Representatives, in light of the removal of the fuel subsidy and its impact on the national economy, approval is sought for the External Borrowing Plan, which amounts to 22 21,543,647,912 and €2,193,856,324.54 & JPY 15,000,000,000 and Grant of €65,000,000.”
The president emphasised that the projects and programmes included in the Borrowing Plan were selected based on thorough technical and economic evaluations, as well as their anticipated contribution to the socio-economic development of the country.
These initiatives, he added, aimed at generating employment, promoting skill acquisition, fostering entrepreneurship, reducing poverty, and enhancing food security, all of which would improve the livelihoods of the average Nigerian.
Tinubu noted that the majority of these projects and programs would be implemented across all 36 states and the Federal Capital Territory.
He said: “In light of the significant infrastructure deficit in the country and the vast financial resources needed to address this gap amid declining domestic funding, it has become essential to pursue prudent external borrowing to close the financing shortfall.
“These funds will primarily be directed towards critical infrastructure projects, including the sectors of power, railways, and healthcare, among others.
“Given the urgent nature of these needs and the importance of stabilizing the economy, it is crucial to seek the consideration and approval of the House of Representative 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.”