The Senate has today approved President Bola Tinubu’s external borrowing plan of over $21 billion for the 2025–2026 fiscal cycle, paving the way for the full implementation of the 2025 Appropriation Act.
The comprehensive borrowing package includes $21.19bn in direct foreign loans, €4bn, ¥15bn, a $65m grant and domestic borrowing through government bonds totalling approximately ₦757bn.
Also included was a provision to raise up to $2bn through a foreign-currency-denominated instrument in the domestic market.
The approval followed the presentation of a report by the Chairman of the Senate Committee on Local and Foreign Debt, Senator Aliyu Wamako,
who noted that the plan was first submitted to the National Assembly on May 27 but was delayed due to legislative recess and documentation issues from the Debt Management Office.