The Federal Government is in advanced talks with the Japan International Cooperation Agency (JICA) to secure a ¥15bn (approx. $110m) emergency loan aimed at strengthening food security nationwide.
This request is part of a broader $21.5bn borrowing plan President Tinubu presented to the National Assembly, which also includes a €51m grant to support critical development initiatives.
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In his letter to lawmakers, the President noted that the funds would drive job creation, enhance skill acquisition, promote entrepreneurship, reduce poverty, and boost food supply.
Currently, Nigeria owes JICA $53.31m—just 0.88% of its bilateral debt and 0.12% of its total external obligations. If approved, the new loan will push Nigeria’s debt to JICA to $163.31m.
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