President Bola Tinubu has formally requested Senate approval for a $7.7 billion external loan, a move that marks a shift in the country’s borrowing strategy.
The loan, which is being sought from foreign lenders, is part of the government’s broader financial strategy to support national development initiatives.
Senior government official Ifeanyi Akpabio said the fresh request supersedes an earlier proposal for $20.3 billion, indicating a significant change in the scale of the borrowing plan.
The Nigerian Senate will now consider the proposal, with the outcome determining whether the government can secure the external funds.
Should the loan be approved, it will be sourced from outside Nigeria and added to the country’s external debt portfolio.
<small>Source: AllAfrica — read the original story there.</small>
