President Bola Ahmed Tinubu has written to the House of Representatives seeking approval for a $2.84 billion external loan to fund part of the 2025 budget deficit and key infrastructure projects.
The request, contained in a letter read on the floor of the House by Speaker Tajudeen Abbas, explained that the loan forms part of Nigeria’s 2025–2027 external borrowing plan aimed at bridging fiscal gaps and accelerating economic growth.
President Tinubu said the facility will be sourced from multilateral and bilateral development partners at concessional terms, covering critical sectors such as power, transport, water resources, health, and education.
According to the President, the proposed borrowing is necessary to sustain ongoing fiscal reforms, stabilise the economy, and deliver on priority capital projects under the Renewed Hope Agenda.
He assured the lawmakers that his administration remains committed to prudent debt management and ensuring that borrowed funds are channelled into productive, growth-stimulating ventures.
The letter has been referred to the House Committee on Aids, Loans, and Debt Management for further legislative consideration.
