President Bola Ahmed Tinubu has formally requested the National Assembly to authorize a fresh borrowing plan of ₦1.15 trillion to fund part of the deficit in the 2025 budget. In a letter read during plenary, Tinubu explained that the borrowing became necessary due to rising expenditure pressures, revenue gaps, and global economic uncertainties that continue to affect Nigeria’s fiscal stability. He stated that the proposed loan aligns with the administration’s strategic borrowing framework designed to stimulate growth and sustain developmental projects across critical sectors.
President Bola Ahmed Tinubu noted that the loan request is part of the Medium-Term Expenditure Framework (MTEF) submitted earlier to the lawmakers, revealing that revenue projections for 2025 remain insufficient to cover the country’s expenditure needs. He stressed that the new loan will ensure the smooth implementation of ongoing infrastructure projects, social investment initiatives, and national security priorities.
President Bola Ahmed Tinubu assured lawmakers that the borrowing plan is within sustainable debt limits and that the funds will be judiciously managed to stimulate economic expansion. He emphasized that the administration is committed to improving domestic revenue generation through tax reforms, improved oil production, and the expansion of the non-oil sector.
Tinubu Defends Borrowing, Says Funds Will Stimulate Economic Growth
President Bola Ahmed Tinubu explained that strategic borrowing remains a common tool for nations seeking to stabilize their economies and invest in critical development projects. He clarified that the borrowed funds will not be used for recurrent expenses but will support infrastructure development, education reforms, healthcare improvements, and security upgrades. According to him, Nigeria cannot afford to slow down developmental momentum due to revenue shortfalls.
President Bola Ahmed Tinubu maintained that despite concerns over Nigeria’s rising debt profile, borrowing remains necessary to avoid halting government operations and essential national projects already in the pipeline. He highlighted that the current global economic pattern shows many countries leveraging debt to stay afloat and stimulate growth during times of economic volatility.
President Bola Ahmed Tinubu further assured that his administration is implementing stringent oversight and transparency measures to ensure accountability in loan utilization. He pledged that every kobo of the ₦1.15 trillion will be directed toward value-driven projects capable of generating long-term socio-economic returns.
National Assembly to Scrutinize Borrowing Plan Amid Rising Debt Concerns
President Bola Ahmed Tinubu acknowledged that lawmakers have a constitutional obligation to scrutinize and question the borrowing plan, promising to provide full documentation regarding fund allocation, repayment plans, and priority projects. He encouraged the Legislature to view the borrowing request not as an additional burden on Nigeria’s debt profile, but as an investment in economic sustainability.
President Bola Ahmed Tinubu assured the National Assembly that servicing existing debt obligations remains on track and that the government is working closely with financial institutions to secure loans at favorable terms. He emphasized that the administration will continue to pursue concessional financing and reduce reliance on commercial loans with higher interest rates.
President Bola Ahmed Tinubu expressed confidence that once the funds are approved and released, Nigeria will experience improved economic stability and accelerated project completion timelines. He urged lawmakers to act promptly, stating that the timely approval of the borrowing request is essential to prevent disruptions in government expenditure planning for 2025.
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