Tinubu Seeks NASS Approval for $23.5 Billion Loan Package to Boost Nigeria's Infrastructure and Economy
By: The Rev. Uruakpa Onyemaechi Charles Source: MethodistMedia President Bola Tinubu has formally requested National Assembly approval for a multi-currency loan of $23.5bn, €2.2bn, ¥15bn, and ₦757.9bn. The loan will support critical infrastructure, economic growth, and pension liabilities in Nigeria. Overview of the Loan Request On Tuesday, 27th May 2025, President Bola Ahmed Tinubu submitted a formal request to the National Assembly seeking approval for a substantial multi-currency external borrowing plan . The proposed loan package includes: $23.5 billion USD €2.2 billion EUR ¥15 billion JPY ₦757.9 billion NGN When converted, the total value approximates ₦45 trillion . This funding will target pivotal sectors of the Nigerian economy, including infrastructure, education, health, agriculture, and employment generation. Objectives of the Borrowing Plan The President outlined the following key objectives: Bridge the infrastructure deficit plaguing the countr...