Nigeria's President Bola Tinubu has withdrawn a request for the National Assembly to approve external loans of $20.5bn and €1.05bn, and has instead asked lawmakers to back a smaller borrowing plan of about $7.7bn, Premium Times reports. The letter was read out in the Senate on Wednesday by Senate President Godswill Akpabio.
According to the president, the new borrowing equals roughly N10.9 trillion and would partly cover a 2026 budget deficit of N20.2 trillion. He said the money would fund projects in infrastructure, defence, agriculture, health, power and education. The plan sets out sources and conditions in more detail than the earlier request, with the emphasis on issuing Eurobonds, which Tinubu said can be arranged more quickly and raise larger sums at relatively lower cost.
Source: Premium Times