The Senate has approved President Bola Tinubu’s external borrowing plan of over $21 billion for the 2025–2026 fiscal cycle.
The approval has paved the way for the full implementation of the 2025 Appropriation Act.
The comprehensive borrowing package includes $21.19billion, in direct foreign loans, €4billion, ¥15billion, a $65million grant and domestic borrowing through government bonds, totaling approximately N757billion.
The loan also includes a provision to raise up to $2billion through a foreign-currency-denominated instrument in the domestic market.
The approval came after the presentation of a report by the Chairman of the Senate Committee on Local and Foreign Debt, Senator Aliyu Wamako.
Chairman of the Senate Committee on Appropriations, Senator Olamilekan Adeola, said most of the loan requests had already been factored into the Medium-Term Expenditure Framework and the 2025 budget.
“The borrowing 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 explained.