President Bola Ahmed Tinubu has officially requested the Nigerian Senate’s approval for an external loan of N1.767 trillion to finance critical infrastructure and stabilize the country’s economy. This request, detailed in a letter addressed to the Senate President, reflects Tinubu’s continued efforts to address Nigeria’s fiscal challenges amid growing economic pressures.

The proposed borrowing is part of the government’s strategic plan to bridge budgetary gaps and invest in vital projects across sectors, including transportation, healthcare, and education.

In the letter, Tinubu emphasized the importance of the loan in facilitating ongoing development initiatives and ensuring the government meets its obligations. He also assured the Senate that measures are in place to ensure accountability and transparency in the disbursement of the funds.

The request has sparked mixed reactions among lawmakers and economic analysts. Supporters argue that the loan is necessary to fund Nigeria’s ambitious infrastructure goals, while critics warn about the country’s rising debt profile and its long-term implications for economic stability.

As the Senate deliberates on the proposal, all eyes remain on how the government plans to manage the growing debt burden while achieving economic recovery.