The Senate has approved President Bola Tinubu’s external borrowing plan of over $21 billion for the 2025–2026 fiscal cycle, clearing the path for the full implementation of the 2025 Appropriation Act.
The approved borrowing package includes $21.19 billion in direct foreign loans, €4 billion, ¥15 billion, a $65 million grant, and additional domestic borrowing through government bonds, bringing the total to approximately ₦757 billion.
The plan also makes provisions for raising up to $2 billion through a foreign-currency-denominated instrument in the domestic market.
The approval followed the presentation of a report by Senator Aliyu Wamako, Chairman of the Senate Committee on Local and Foreign Debt. He explained that the proposal was initially submitted to the National Assembly on May 27 but experienced delays due to the legislative recess and documentation issues from the Debt Management Office.
Senator Olamilekan Adeola, Chairman of the Senate Committee on Appropriations, noted that most of the loan requests had already been incorporated into the Medium-Term Expenditure Framework and the 2025 national 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 said.
