The Nigerian Senate has approved President Bola Ahmed Tinubu’s external borrowing plan amounting to $21.19 billion, alongside additional loans and grants in other currencies, to support the full execution of the 2025 Appropriation Act.
The approval covers a comprehensive borrowing package that includes $21.19 billion, €4 billion, ¥15 billion, and a $65 million grant.
It also authorizes the federal government to secure about ₦757 billion through domestic bond issuance. Furthermore, the plan provides for raising up to $2 billion from foreign-currency instruments issued in the local market.
This decision followed the adoption of a report presented by Senator Aliyu Wamako, Chairman of the Senate Committee on Local and Foreign Debt.
Wamako explained that the request was first submitted on May 27 but experienced delays due to the National Assembly’s recess and documentation gaps from the Debt Management Office (DMO).
Supporting the move, Senator Olamilekan Adeola, Chairman of the Appropriations Committee, clarified that the loans had already been factored into the Medium-Term Expenditure Framework and the 2025 national budget. He emphasized that securing the funds is critical to meeting projected revenue targets and ensuring smooth budget implementation.