### Nigeria's President Tinubu Proposes Major Foreign Loan to Boost Development President Bola Ahmed Tinubu has formally requested the National Assembly's approval for a substantial external borrowing plan totaling approximately $24 billion. This financial strategy aims to fund critical projects across various sectors, including infrastructure, health, and agriculture. The proposed loans consist of $21.5 billion, €2 billion, and ¥15 billion, alongside a domestic bond issuance of ₦757.9 billion to address pension liabilities. This move comes as part of Tinubu's broader economic strategy to stimulate growth and development in Nigeria amidst ongoing financial challenges. ### Breakdown of Tinubu's Loan Proposal 1. **Loan Amounts and Currency Composition** - Total proposed borrowing: **$24 billion**. - Breakdown includes: - **$21.5 billion** in foreign loans. - **€2 billion**. - **¥15 billion**. - **₦757.9 billion** for domestic pension bonds. 2. **Purpose of the Loans** - Funding for essential projects in: - **Infrastructure**: Enhancing transportation and utilities. - **Health**: Improving healthcare facilities and services. - **Agriculture**: Supporting agricultural development and food security. 3. **Legislative Process** - Tinubu has submitted requests to both the House of Representatives and the Senate for approval. - The loans are part of the **2025-2026 borrowing strategy** aimed at addressing Nigeria's economic needs. 4. **Clarifications from the Federal Government** - The government has clarified that the proposed loans will be sourced from reputable international financial institutions, including the **World Bank**, **African Development Bank (ADB)**, and various countries such as **China** and **France** [https://nairametrics.com/2025/05/27/federal-government-clarifies-proposed-21-5-billion-debt-taps-world-bank-adb-china-france-eu-for-new-loan]. ### Supporting Evidence and Data - **Loan Breakdown**: - **$21.5 billion**: External loans for infrastructure, health, and agriculture projects. - **€2 billion**: Additional funding for unspecified projects. - **¥15 billion**: Further financial support for development initiatives. - **₦757.9 billion**: Domestic bond issuance aimed at clearing pension arrears. - **Legislative Approval**: - Requests have been made to both the House of Representatives and the Senate, indicating a comprehensive approach to securing necessary funding [https://www.vanguardngr.com/2025/05/tinubu-seeks-reps-approval-for-21-5bn-external-loan-₦757-9bn-pension-bond]. ### Conclusion: Implications of Tinubu's Loan Proposal In summary, President Tinubu's request for a **$24 billion** loan package represents a significant step towards addressing Nigeria's pressing economic challenges. The proposed funds are earmarked for critical sectors that could enhance the country's infrastructure, health, and agricultural capabilities. 1. **Major Findings**: - The total borrowing plan is substantial and multi-faceted, involving various currencies and purposes. - Legislative approval is crucial for the implementation of this financial strategy. 2. **Next Steps**: - Awaiting approval from the National Assembly. - Monitoring the impact of these loans on Nigeria's economic recovery and development trajectory. This comprehensive approach underscores the government's commitment to leveraging international financial support to foster national growth and stability [https://www.moneyweb.co.za/news/africa/nigerias-tinubu-seeks-approval-to-raise-24bn-in-foreign-loans].