In order to borrow 21.5 billion dollars, EUR 2.1 billion, and 15 billion yen, President Tinubu has asked the Senate for permission.
It also requests a 65 million euro grant.
“The removal of the fuel subsidy and its impact on the national economy call for approval of the borrowing plan, which amounts to USD 21,543,647,912 and EUR 2,193,856,324.54,” the president stated in a letter. Additionally, there is a grant of 65 million and 15 billion Japanese yen, respectively.
In addition to improving Nigerians’ quality of life, this program seeks to create jobs, encourage skill development, encourage entrepreneurship, lessen poverty, and increase food security. The majority of these initiatives will be carried out in the Federal Capital Territory as well as all 36 states.
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It is therefore crucial to pursue smart economic borrowing in order to bridge the financial shortfall, given the country’s large infrastructure deficit and the power of financial resources required to close this gap amid diminishing domestic demand.
“The majority of these monies will go toward important infrastructure projects, such as healthcare and railroads, among others. Seeking the House of Representatives’ evaluation and approval for the 2025-2026 External Borrowing Plan is essential, given the market nature of these needs and the significance of stabilizing the economy.
“With prompt disbursement and efficient project implementation, this will allow the government to fulfill its obligations to the Nigerian people.”
