The Nigerian Senate has approved President Bola Tinubu’s proposed external borrowing plan of $21.5 billion for the 2025–2026 period.
The decision came after Senator Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts, presented the committee’s report during Tuesday’s plenary session, according to the News Agency of Nigeria (NAN).
In addition to the main borrowing plan, the Senate also approved a loan request of 15 billion Japanese Yen and a grant of 65 million Euros.
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Senate Deputy President Barau Jibrin stated that, “With the borrowing plan now approved, implementation of the 2025 Appropriation Act can begin in full,” adding that every region of the country would benefit from the projects to be funded.
He emphasized that all funds disbursed under the approved facility must be used strictly for capital and development projects, in accordance with the laws guiding public finance.
Back in May, President Tinubu had submitted the borrowing request to the Senate as part of his administration’s financing strategy for the 2025–2026 period.
As of March 31, 2025, Nigeria’s total public debt had risen to N149.39 trillion, showing an increase of N27.72 trillion, or 22.8%, compared to the N121.67 trillion recorded in the same period in 2024.
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Image Credit: MarketForces Africa
