President Bola Ahmed Tinubu and former Head of State, General Yakubu Gowon (Rtd), on Monday converged at the Nigerian Institute of International Affairs (NIIA) in Lagos to commemorate the 50th anniversary of the Economic Community of West African States (ECOWAS).
The event brought together political leaders, diplomats, and regional stakeholders to reflect on five decades of economic integration and cooperation among West African nations. President Tinubu, who currently chairs the ECOWAS Authority of Heads of State and Government, hailed the organization’s founding vision and acknowledged General Gowon’s pivotal role in its establishment in 1975.
“ECOWAS has stood as a symbol of our shared destiny. We must continue to work together to strengthen economic and political ties across the region,” Tinubu said at the commemorative gathering.
While the celebration marked a diplomatic milestone, the President also turned attention to the country’s economic challenges back home. In a letter addressed to the National Assembly, President Tinubu requested legislative approval for a new external borrowing plan totaling $21.5 billion, €2.1 billion, and ¥15 billion, along with a grant of €65 million.
The proposed loan, according to the President, is aimed at addressing the impact of fuel subsidy removal and funding key infrastructure projects across the country.
“In light of the removal of the fuel subsidy and its impact on the national economy, approval is called for the borrowing plan, which amounts to USD 21.5 billion, EUR 2.1 billion, and 15 billion Japanese Yen,” the letter read.
Tinubu explained that the funds would be used to stimulate economic growth through job creation, skill development, support for entrepreneurs, poverty reduction, and improvements in food security.
“These projects and programs are expected to be implemented across all 36 states and the Federal Capital Territory,” he noted.
The President emphasized that with the nation’s significant infrastructure gap and dwindling domestic revenue, it had become essential to secure external funding to finance critical projects.
He listed railway construction, healthcare revitalization, and other capital-intensive projects as some of the key areas to benefit from the loans.
“As we navigate a challenging fiscal environment, this borrowing plan will help stabilize the economy and support sustainable development,” he added.
The administration is seeking prompt consideration and approval from the National Assembly to ensure timely disbursement and effective implementation of the proposed projects.
The dual events — a diplomatic celebration and a fiscal policy proposal — underscore the Tinubu administration’s efforts to balance Nigeria’s regional leadership role with urgent domestic economic reforms.
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