Tinubu’s $21bn+ borrowing plan for 2025-2026 approved by senate

The Nigerian Senate on Tuesday approved President Bola Tinubu’s extensive external borrowing plan, exceeding $21 billion, for the 2025-2026 fiscal cycle.

This crucial approval clears the path for the full implementation of the 2025 Appropriation Act.

The comprehensive borrowing package includes a significant $21.19 billion in direct foreign loans, €4 billion, and ¥15 billion.

It also incorporates a $65 million grant and substantial domestic borrowing through government bonds, totaling approximately N757 billion.

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Additionally, the plan allows for raising up to $2 billion through a foreign-currency-denominated instrument within the domestic market.

The approval followed the presentation of a detailed report by Senator Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debt.

Senator Wamakko informed the chamber that the borrowing request was initially submitted to the National Assembly on May 27 but faced delays due to a legislative recess and documentation issues from the Debt Management Office.

This approval is expected to provide the necessary financial backing for various government projects and programs outlined in the 2025 budget.