The Nigerian Senate has approved President Bola Tinubu’s foreign loan request totaling over $21 billion for the 2025–2026 fiscal period. This approval clears the path for the full implementation of the 2025 Appropriation Act.
The approved borrowing plan includes $21.19 billion in external loans, €4 billion, ¥15 billion, and a $65 million grant. It also allows for domestic borrowing through government bonds amounting to about ₦757 billion. Additionally, there is a provision to raise up to $2 billion through foreign-currency-denominated instruments within the domestic market.
The Senate gave the nod after considering a report by the Chairman of the Committee on Local and Foreign Debt, Senator Aliyu Wamako.
He noted that the proposal was initially submitted on May 27 but faced delays due to the National Assembly’s recess and documentation issues from the Debt Management Office.
Senator Olamilekan Adeola, Chairman of the Appropriations Committee, explained that most of the borrowing plan was already incorporated into the Medium-Term Expenditure Framework and the 2025 budget.
He added that the approval now ensures all projected revenue sources, including loans, are secured to fully fund the national budget.