The Nigerian Senate on Tuesday approved President Bola Tinubu’s request to secure over $21 billion in foreign loan to fund the 2025–2026 fiscal years, paving the way for full implementation of the 2025 Appropriation Act.
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The approval includes a borrowing package of $21.19 billion in external loans, €4 billion, ¥15 billion, and a $65 million grant. In addition, the plan features a domestic borrowing component of approximately ₦757 billion through government bonds.
A key provision of the loan package also permits the government to raise up to $2 billion in the domestic market through a foreign currency-denominated instrument.
The approval followed the submission of a report by Senator Aliyu Wamako, Chairman of the Senate Committee on Local and Foreign Debt. According to Wamako, the initial proposal was transmitted to the National Assembly on May 27 but faced delays due to the legislative recess and documentation challenges from the Debt Management Office.
With this nod from the Senate, the Tinubu administration is now positioned to pursue critical development and infrastructure projects outlined in the 2025 budget.