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NIgeria’s External Borrowing Plan For 2024 -2026
On May 27, 2025, the President of the Federal Republic of Nigeria, His Excellency Bola Ahmed Tinubu, GCFR, formally requested the approval of the 2024 – 2026 External Borrowing Rolling Plan from the National Assembly. This press release
provides context and clarification on the purpose and significance of the request.
The proposed Borrowing Rolling Plan is an essential component of the Medium-Term Expenditure Framework (MTEF) in accordance with both the Fiscal Responsibility Act 2007 and the DMO Act 2003. The Plan outlines the external borrowing framework for both the federal and sub-national governments over a three-year period, accompanied by five detailed appendices on the projects, terms and conditions, implementation period, etc. By adopting a structured, forward-looking approach, the plan facilitates comprehensive financial planning and avoids the inefficiencies of ad hoc or reactive borrowing practices. This strategic method enhances Nigeria’s ability to implement effective fiscal policies and mobilize development resources.
The borrowing plan does not equate to actual borrowing for the period. The actual borrowing for each year is contained in the annual budget. In 2025, the external borrowing component is US $1.23 billion, and it has not yet been drawn. This is planned for H2 2025. Also, the plan is for both federal and several state governments across numerous geopolitical zones, including Abia, Bauchi, Borno, Gombe, Kaduna, Lagos, Niger, Oyo, Sokoto, and Yobe States.
Importantly, it should be noted that the Borrowing Rolling Plan does not equate to an automatic increase in the nation’s debt burden. The nature of the rolling plan means that borrowings are split over the period of the projects. For example, a large proportion of projects in the 2024. – 2026 rolling plan have multi-year draw downs of between 5 – 7 years, which are project-tied loans. These projects cut across critical sectors of the economy, including power grids and transmission lines, irrigation for improving food security, fibre optics network across the country, fighter jets for security, and rail and road infrastructure.
The majority of the proposed borrowing will be sourced from Nigeria’s development partners, including the World Bank, African Development Bank, French Development Agency, European Investment Bank, JICA, China EximBank, and the Islamic Development Bank. These institutions offer concessional financing with favourable terms and long repayment periods, thereby supporting Nigeria’s development objectives sustainably.
The government seeks to reiterate that the debt service to revenue ratio has started decreasing from its peak of over 90% in 2023. The government has ended the distortionary and inflationary ways and means. There are significant revenue expectations from the Nigerian National Petroleum Corporation (NNPC) and technology-enabled monitoring and collection of surpluses from Government Owned Enterprises and revenue-generating ministries, departments, and agencies, including legacy outstanding dues.
Having achieved a fair degree of macroeconomic stabilization, the overarching goal of the Federal Government is to pivot the economy onto a path of rapid, sustained, and inclusive economic growth. Achieving this vision requires substantial investment in critical sectors such as transportation, energy, infrastructure, and agriculture. These investments will lay the groundwork for long-term economic diversification and encourage private sector participation. Our debt strategy is therefore guided not solely by the size of our obligations but by the utility, sustainability, and economic returns of the borrowing. Ensuring that all borrowed funds are efficiently utilized and directed toward growth-enhancing projects remains a top priority.
In conclusion, the government remains committed to keeping borrowing within manageable and sustainable limits in accordance with the DMO Debt Sustainability Framework. The ongoing tax reform agenda and other revenue initiatives will further improve revenue generation and prudent financial management. We reaffirm our dedication to fiscal discipline, transparency, and accountability. Constructive public engagement and legislative oversight are vital components of our journey toward long-term economic stability and inclusive national prosperity.
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Nigeria Institute Of Building ,Lagos state Chapter Holds 34th Conference and Agm Next Week
Nigerian Institute of building (NIOB) Lagos State chapter on Tuesday held a media briefing in readiness of the 34th Lagos builders conference and Annual General Meeting
This year’s edition with the theme, collaboration, corporation and inclusiveness for successful and sustainable building delivery captures the essence the profession stands for
Chairman, Nigeria Institute of building, Lagos State chapter, Thomas Adeoye says the word collaboration cannot be over emphasized as there is need for all the professionals in the built industry to work in tandem to reduce building collapse to the barrest minimum
“We have to give the theme this year as the collaboration cooperation and sustainable in building the development and the reason for this theme is that we realize all stakeholders have to come together as one so that we can push the cause of professionals,because we always have buildings collapse,abandonment and sometimes due to known collaborations
That is the reason why we decided to
call the professionals in the built industry to sit together and talk about how we can
Push sustainability so that building delivery in the country is something everybody will look at and say we have tried ,that is why we choose that collaboration” He said
The conference and agm which will run from October 22nd to 23fd at the podium international event center Ikeja has lined up. Activities that will be both educating and engaging to the delight of attendees
The day will feature panel discussions, syndicate sessions, product exhibitions, networking opportunities, awards and dinner night
Over the years the builders conference has remained an open forum for learning, dialogue and advocacy
This year the focus on collaboration and inclusiveness is about ensuring that everyone from government agencies to artisans plays their part in achieving safer smarter and more resilient buildings across Nigeria.
News
Nigeria Tops Medal Table At Africa Para Badminton Championships
Team Nigeria dominated the medals table at the Africa Para Badminton Championships 2025, with 36 medals, including 10 gold, 13 silver and 13 bronze as the competition concluded on Sunday.
The National Olympic Committee of Kenya came in second position with 11 medals, comprising four gold, two silver and five bronze medals at the tournament hosted at the International Conference Centre, Umuahia, Abia.
Egypt rounded off the top three with eight medals, including three gold, one silver and four bronze.
Republic of Benin came in fourth position with one gold, two silver and two bronze, whereas Congo Democratic got fifth with one gold and two bronze.
Tunisia occupied the sixth position with one silver and one bronze, as Cameroun got six bronze for the seventh position.
Zimbabwe, Burkina Faso, and Rwanda round off the top 10 with two bronze each as Mauritius completed the medal table with one bronze.
Only Mozambique failed to win any medal among the 12 countries that participated in 19 events of the tournament that started on Oct. 7.
Meanwhile, African queen of para badminton, Eniola Bolaji, Chigozie Nnanna, Chukwuemeka Eze, Ijeoma Chukwuemeka, Mary Nathan, Chinyere Okoro, Munkwoba Gomanand Bello Tukur were among Nigeria’s gold medalists.
The trio of Bolaji, Nnanna and Nathan had won gold medals in their categories at the just-concluded First Abia Para Badminton International held between Sept. 30 and Oct. 5, at the same venue.
Also, Odinachi Uwalaka, Obinna Nwosu, Ifeanacho Ohaeri, Ebikoboere Brown, Abel David, James Akpan and Nendimwa Monday and others won silver for Nigeria on Sunday.
In a speech at the closing ceremony, Gov. Alex Otti of Abia extended warm congratulations and gratitude to all the athletes, officials and delegation that the event an extraordinary celebration of resilience and unity.
Otti, represented by Nwaobilor Ananaba, Commissioner for Sports and Youth Development, said that the experience has been a priceless classroom for Nigeria.
“We have learned, improved and been inspired.
“And let me assure you – Abia will bid to host again, and when we do, we will offer an experience that will far surpass this pioneering effort,” he said.
In a goodwill message, President Badminton Federation of Nigeria, Francis Orbih said that the para athletes had demonstrated that sport is a powerful expression of ability, resilience and human dignity.
He thanked the Badminton World Federation and Badminton Confederation of Africa for their guidance, presence and unrelenting commitment to the advancement of para badminton in Africa
Orbih also expressed profound gratitude to Abia State Government, saying governor Alex otti has not only provided a world-class environment for competition, but also created a home for friendship and unity among others.
News
Taiwo Awoniyi Returns To Full Training
Nottingham Forest striker and Nigeria international Taiwo Awoniyi has returned to full training after recovering from a serious abdominal injury sustained in May.
The 27-year-old forward had been sidelined after suffering a ruptured intestine, which required a two-stage surgical procedure.
PUNCH Online reported in May that the first phase of the operation was conducted and followed by an induced coma to allow medical staff to closely monitor his condition.
The second stage of the surgery, which involved closing the wound, was successfully completed on the third day.
Following the challenging recovery period, Awoniyi has now rejoined his teammates in training for the first time since May.
A post from Soar Super Eagles on Tuesday via X announced his return, stating, “Taiwo Awoniyi returns to full training after that serious abdominal injury in May. Great to see him back on the grass
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