President Bola Tinubu has sought the approval of the Senate to secure external loans amounting to $20.52 billion and €1.05 billion as part of the Federal Government’s financing plans.
The request was transmitted to the National Assembly for consideration, with the Senate expected to examine the proposal and determine whether to grant the necessary approval in line with its constitutional responsibilities.
The proposed borrowing has drawn attention to the Federal Government’s plans to finance public projects, meet development needs and support its broader economic agenda.
External loans are often used by governments to fund infrastructure, transportation, healthcare, education and other projects that require substantial investment. However, such borrowing also raises questions about debt sustainability, repayment obligations and the effective use of public funds.
The Senate’s consideration of the request is expected to involve an examination of the proposed borrowing, its intended purposes and the conditions attached to the loans.