President Bola Ahmed Tinubu has requested Senate approval for a new external loan of $2.3 billion to support the implementation of the 2025 national budget.
The request was conveyed in a letter addressed to the Senate and read during plenary on Tuesday by Senate President Godswill Akpabio.
READ ALSO: Tinubu seeks lawmakers’ approval for fresh $2.2bn loan
In the letter, Tinubu said the loan was part of the 2022–2024 borrowing plan earlier approved by the Federal Executive Council. He explained that the loan would be used to finance key infrastructure and development projects in sectors such as power, transportation, health, education, and water resources.
The President also sought legislative approval to issue a $500 million sovereign Sukuk to fund infrastructure development in line with non-interest financial principles.
Tinubu stated that both funding options were essential to bridge Nigeria’s infrastructure deficit and ensure the successful delivery of priority projects under the 2025 budget.
The Senate is expected to refer the request to its relevant committees for further legislative action.
