President Bola Ahmed Tinubu has formally requested the National Assembly’s approval for a $21.5 billion External Borrowing Plan for 2025 to 2026, as well as a $2 billion Foreign Currency Denominated Bond Programme.
In three separate letters read during Tuesday’s plenary by Senate President Godswill Akpabio and Speaker of the House of Representatives Abbas Tajudeen, the President outlined what he described as critical financial interventions aimed at stabilising the economy, improving infrastructure, and addressing long-standing liabilities.
The External Borrowing Rolling Plan includes $21.54 billion, €2.19 billion, and ¥15 billion in Japanese Yen, along with a €65 million grant. These funds, according to the President, will be channeled into projects that have already undergone technical and economic evaluations.
President Tinubu said the borrowing became necessary following the removal of fuel subsidies, dwindling domestic revenues, and the need to support key government programmes.
Also included is a $2 billion bond programme to be issued in the local market but denominated in foreign currencies. The President explained that this would allow local investors to participate in foreign-currency assets, deepen Nigeria’s financial markets, and shore up foreign reserves.
The Senate President has referred all requests to the Committee on Local and Foreign Debts for legisislative scrutiny.
RED CHAMBER: Tinubu Seeks Senate Approval for $21.5bn Loan, $2bn Bond Programme
President Bola Ahmed Tinubu has formally requested the National Assembly’s approval for a $21.5 billion External Borrowing Plan for 2025 to 2026, as well as a $2 billion Foreign Currency Denominated Bond Programme.
In three separate letters read during Tuesday’s plenary by Senate President Godswill Akpabio and Speaker of the House of Representatives Abbas Tajudeen, the President outlined what he described as critical financial interventions aimed at stabilising the economy, improving infrastructure, and addressing long-standing liabilities.
The External Borrowing Rolling Plan includes $21.54 billion, €2.19 billion, and ¥15 billion in Japanese Yen, along with a €65 million grant. These funds, according to the President, will be channeled into projects that have already undergone technical and economic evaluations.
President Tinubu said the borrowing became necessary following the removal of fuel subsidies, dwindling domestic revenues, and the need to support key government programmes.
Also included is a $2 billion bond programme to be issued in the local market but denominated in foreign currencies. The President explained that this would allow local investors to participate in foreign-currency assets, deepen Nigeria’s financial markets, and shore up foreign reserves.
The Senate President has referred all requests to the Committee on Local and Foreign Debts for legisislative scrutiny.
LEAVE A REPLY
President Bola Ahmed Tinubu has formally requested the National Assembly’s approval for a $21.5 billion External Borrowing Plan for 2025 to 2026, as well as a $2 billion Foreign Currency Denominated Bond Programme.
In three separate letters read during Tuesday’s plenary by Senate President Godswill Akpabio and Speaker of the House of Representatives Abbas Tajudeen, the President outlined what he described as critical financial interventions aimed at stabilising the economy, improving infrastructure, and addressing long-standing liabilities.
The External Borrowing Rolling Plan includes $21.54 billion, €2.19 billion, and ¥15 billion in Japanese Yen, along with a €65 million grant. These funds, according to the President, will be channeled into projects that have already undergone technical and economic evaluations.
President Tinubu said the borrowing became necessary following the removal of fuel subsidies, dwindling domestic revenues, and the need to support key government programmes.
Also included is a $2 billion bond programme to be issued in the local market but denominated in foreign currencies. The President explained that this would allow local investors to participate in foreign-currency assets, deepen Nigeria’s financial markets, and shore up foreign reserves.
The Senate President has referred all requests to the Committee on Local and Foreign Debts for legisislative scrutiny.
LEAVE A REPLY
President Bola Ahmed Tinubu has formally requested the National Assembly’s approval for a $21.5 billion External Borrowing Plan for 2025 to 2026, as well as a $2 billion Foreign Currency Denominated Bond Programme.
In three separate letters read during Tuesday’s plenary by Senate President Godswill Akpabio and Speaker of the House of Representatives Abbas Tajudeen, the President outlined what he described as critical financial interventions aimed at stabilising the economy, improving infrastructure, and addressing long-standing liabilities.
The External Borrowing Rolling Plan includes $21.54 billion, €2.19 billion, and ¥15 billion in Japanese Yen, along with a €65 million grant. These funds, according to the President, will be channeled into projects that have already undergone technical and economic evaluations.
President Tinubu said the borrowing became necessary following the removal of fuel subsidies, dwindling domestic revenues, and the need to support key government programmes.
Also included is a $2 billion bond programme to be issued in the local market but denominated in foreign currencies. The President explained that this would allow local investors to participate in foreign-currency assets, deepen Nigeria’s financial markets, and shore up foreign reserves.
The Senate President has referred all requests to the Committee on Local and Foreign Debts for legisislative scrutiny.