Tinubu Writes Senate, Seeks Approval To Borrow 5 Billion Dollars
President Bola Ahmed Tinubu has written to the Nigerian Senate seeking approval to borrow an additional 5 billion dollars from external sources. The fresh request is part of the wider 2024–2026 external borrowing plan aimed at funding infrastructure and plugging budget deficits. In his letter to Senate President Godswill Akpabio, Tinubu said the new facility would support key sectors such as transport, power, agriculture, health and education. He argued that concessional and semi concessional loans remained vital to delivering priority projects at a time of revenue constraints. The Senate had earlier approved a 21.5 billion dollar external borrowing plan for the 2025–2026 period. The latest 5 billion dollar request is expected to be processed under the same framework once lawmakers subject it to committee scrutiny and debate. Tinubu’s government has defended its borrowing strategy as necessary to stimulate growth and […]