US EditionSenate Approves Tinubu's $21bn Foreign Loan Plan
NIGERIA, JUL 22 – The $21 billion loan package spans six years and targets infrastructure, agriculture, security, and pension arrears, with $3 billion allocated for eastern rail revitalization, Senate says.
- The Nigerian Senate on Tuesday approved Tinubu’s external borrowing plan, including $21.19 billion in loans, reflecting his request under the 2025–2026 MTEF.
- Earlier this year, President Bola Tinubu requested the loans, listing key sectors like infrastructure, security, agriculture, power, housing, and digital connectivity to fund national development.
- Funding includes multiple currency facilities, while Senator Sani Musa said disbursement will span six years.
- Senator Abdul Ningi voiced reservations over repayment clarity, urging constituents to know how borrowed funds are used.
- The Senate directed its committees to report quarterly on fund disbursement, and the House of Representatives will soon align to enable the DMO to start borrowing.
25 Articles
25 Articles
Senate approves Tinubu’s $21 billion loan request
Nigeria’s Senate has approved President Bola Tinubu’s request to borrow more than $21 billion (£17 billion) from foreign sources to bridge shortfalls in the 2025–2026 federal budget, clearing a major hurdle for the implementation of the Appropriation Act. The approved package – formally presented to the National Assembly on 27 May but delayed due to recess and documentation issues – comprises $21.19 billion in foreign loans, €4 billion (£3.4 bil…
Senate approves Tinubu's $21bn foreign loan plan
The Senate has approved President Bola Tinubu’s external borrowing plan of over $21 billion for the 2025–2026 fiscal cycle. DAILY POST reports that the development has paved 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, totaling approximately ₦757bn. The loan also included…
Tinubu Seeks Additional $347 Million Loan for Coastal Highway, Other Projects
ABUJA, Nigeria — President Bola Tinubu has requested the National Assembly to approve an additional $347 million in external loans as part of the 2025–2026 borrowing plan, citing rising project costs and a newly identified funding need. The request, contained in a letter read by Speaker Tajudeen Abbas during plenary on Wednesday, July 23, 2025, brings Nigeria’s total external borrowing request under the current plan to $21.89 billion, up from th…
Nigeria's Senate approves President Tinubu's $21 billion external borrowing plan
Tinubu asked parliament to approve the borrowing in May.
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