The Nigerian Senate has approved President Bola Tinubu’s external borrowing plan, totaling over $21 billion, as part of the Federal Government’s 2025/2026 financial strategy.
The comprehensive borrowing package includes $21.19 billion in direct foreign loans, €44 billion, ¥15 billion, a $65 million grant, and approximately ₦757 billion to be raised through domestic government bonds. Additionally, the plan includes a provision to raise up to $2 billion via a foreign-currency-denominated instrument within the domestic market.
Presenting the report, Chairman of the Senate Committee on Foreign and Local Debts, Senator Aliyu Wamako, explained 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.
Supporting the motion, Chairman of the Senate Committee on Appropriations, Senator Solomon Adeola, noted that most components of the borrowing plan had already been captured in the Medium-Term Expenditure Framework (MTEF) and the 2025 national budget.
