The Nigerian Federal Government clarified that the $21.5 billion communication presented to the National Assembly is a borrowing plan for 2024–2026, not an immediate loan request.

The plan outlines prospective external borrowing by both federal and state governments for various development projects, spread over multiple years with terms tied to specific initiatives like infrastructure, power, and security.

Funding will primarily come from international development partners offering concessional loans, and the government emphasized managing debt sustainably within the Debt Management Office framework.

This strategic approach aims to support Nigeria’s macroeconomic stability and growth by focusing on efficient use of resources and gradual borrowing aligned with annual budgets.