Governor's office reported $21 billion as a proposed borrowing plan for both state and federal government, according to the Presidency's recent statement.
President Tinubu Clarifies $21 Billion Loan Request
The President's media advisor, Temitope Ajayi, has clarified that President Bola Tinubu did not request a loan of $21 billion from the National Assembly. Instead, during a meeting yesterday, the President presented a borrowing plan for the consideration and approval of the Parliament.
In a tweet yesterday, Ajayi denounced the proliferation of misinformation regarding the borrowing plan. He stated that the plan was not a loan request, but rather an outline of potential borrowing and the origins of loans to fund crucial national projects, including infrastructure, healthcare, education, and employment initiatives.
Ajayi further clarified that the $21 billion figure should not be interpreted as an immediate loan, as specific loans have yet to be taken, and their drawdown could take between five to six years due to project timelines and milestones.
The media has been urged by Ajayi to prioritize accuracy and factual reporting to avoid misrepresentation of information.
Related Developments
The loan request forms part of a larger financing strategy to address national needs, which includes a ₦757.98 billion domestic bond to settle Contributory Pension Scheme obligations. The revised 2025-2026 external borrowing plan also includes seeking €2.2 billion, ¥15 billion Japanese yen, and a €65 billion grant. The borrowing plan is expected to undergo review by the Senate and House Committees on Local and Foreign Debts within a two-week period.
While the loan request has created a flurry of commentary among public affairs analysts and experts, the President has received support from several quarters, with calls for him to address rising insecurity and highlighted promises of a united and prosperous nation. The ongoing debates continue to unfold in the lead-up to the implementation of the borrowing plan.
- The President's media advisor, Temitope Ajayi, has stated that the borrowing plan, which includes a request for $21 billion, is not a loan request but an outline of potential borrowing.
- Ajayi clarified that the $21 billion is not intended for immediate borrowing, with specific loans potentially being drawn down over five to six years.
- The loan request forms part of a larger financing strategy, alongside a domestic bond and external borrowing, with the aim of addressing national needs such as infrastructure, healthcare, education, and employment initiatives.
- The borrowing plan is currently under review by the Senate and House Committees on Local and Foreign Debts, and the wider debate on its implications continues to unfold in the realm of politics and general news.
