NewStats: 3,263,720 , 8,181,151 topics. Date: Saturday, 07 June 2025 at 02:22 PM 5ge4v

: Tinubu seeks NASS approval to borrow fresh $21.5m, other external borrowing plans

President Bola Ahmed Tinubu has requested the National Assembly’s approval to secure external loans of $21.5 million and ¥15 billion as part of the federal government’s proposed 2025–2026 external borrowing plan.


Also, the request consists of a grant of €65 million to be included in the federal government’s external borrowing plan.

The president’s request was contained in a letter read by the Senate President, Godswill Akpabio, during the plenary on Tuesday.


In the letter, Mr Tinubu said that the funds will be used to create employment, promote skill acquisition, enhance entrepreneurship, reduce poverty, and boost food security.

He emphasised that the proposed projects and programmes are designed to have a nationwide impact, spanning all 36 states of the federation and the Federal Capital Territory (FCT).

This fresh loan comes as Nigeria’s total public debt stood at N144.7 trillion (approximately $94.2 billion), according to Debt Management Office December 2024 data. A breakdown of the existing public debt showed that about 51.4 percent of the total (N74.4 trillion) is domestic debt, while 48.6 percent (N70.3 trillion) is external debt




Mynd44 mukina2
https://dailypost.ng/2025/05/27/tinubu-seeks-nass-approval-to-borrow-fresh-21-5m-other-external-borrowing-plans/

Well-done International borrower, I'm sure the rubber stamp House of Assembly have already approved it before it will be tabled

Akpabio once said “I have no doubt that by the time the president is through with the country, many people will not recognize Nigeria again

Tinubu’s government is clearly on a loan-drunk spending spree with nothing to show. Over $21.5 billion in new foreign borrowing + nearly ₦760 billion in bonds, yet no new industries, no real infrastructure, no job explosion.

2 years in, and still no working refineries, no steady power, no export boom, just vibes, excuses, and endless borrowing.

They claim it’s for “development” and “pension payments”—but Nigerians are seeing no visible returns. Just more debt piled on, right as 2027 elections approach.

This regime is mortgaging Nigeria’s future without building anything that can pay the bills.

It’s time we call it what it is: State-sponsored financial sabotage.

Current total external debt $42.5 billion dollars
Proposed new debt: $21.5 billion dollars
Bond: $. 5 million dollars

Total new external debt $64.5 billion dollars

This government no doubt has generated more revenue than any other

.. they stopped subsidy to generate more funds

... They have increased taxes

... Internal revenue from igr, from NEPA, from banks every transaction you do you pay etc

....more borrowing from IMF, WORLD BANK, CHINA etc


And the people standard of living have not improved

Hmmm

robosky02:
This government no doubt has generated more revenue than any other

.. they stopped subsidy to generate more funds

... They have increased taxes

... Internal revenue from igr, from NEPA, from banks every transaction you do you pay etc

....more borrowing from IMF, WORLD BANK, CHINA etc


And the people standard of living have not improved

Hmmm

Isn't it an irony

Now we know why they quickly announced paying IMF

This is the only thing Tinubu knows how to do. He borrows money from abroad and you won't see anything the money will be used for.


Loan President

Where the money saved from subsidy? Subsidy na scam.