The Nigerian Senate has approved President Bola Tinubu’s external borrowing plan, exceeding $21 billion, to support the 2025–2026 fiscal cycle.
This decision ensures the full implementation of the 2025 Appropriation Act, providing the necessary funding for critical projects and economic initiatives.
The comprehensive borrowing package includes $21.19 billion in direct foreign loans, €4 billion, ¥15 billion, and a $65 million grant. Additionally, domestic borrowing through government bonds will amount to approximately ₦757 billion. The plan also allows for raising up to $2 billion through foreign-currency-denominated instruments in the domestic market.
The approval followed a detailed report presented by Senator Aliyu Wamako, Chairman of the Senate Committee on Local and Foreign Debt. He explained that the borrowing plan was initially submitted to the National Assembly on May 27 but faced delays due to the legislative recess and incomplete documentation from the Debt Management Office.
Senator Olamilekan Adeola, Chairman of the Senate Committee on Appropriations, clarified that most of the loan requests had already been incorporated into the Medium-Term Expenditure Framework and the 2025 budget. “The borrowing plan is already embedded in the 2025 Appropriation Act. With this approval, we now have all revenue sources, including loans, in place to fully fund the budget,” Adeola stated.
This development marks a significant step in securing the financial resources needed to drive Nigeria’s economic agenda over the next two fiscal years.
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cc: Daily Post Ng
