Senate Approves Tinubu’s $21 Billion External Loan Request
Omoyeni Olabode
The Nigerian Senate has granted approval to President Bola Tinubu’s proposal to borrow over $21 billion from international creditors to fund the 2025 and 2026 national budgets. The borrowing plan, submitted as part of efforts to ensure the full execution of the 2025 Appropriation Act, is expected to support major sectors such as infrastructure, education, health, and energy.
During deliberations, lawmakers stressed the importance of using the funds responsibly and ensuring that all borrowing aligns with Nigeria’s long-term development goals. While some senators raised concerns about the growing debt burden, the majority voted in favour of the plan, citing the urgency of financing critical national projects amid revenue shortfalls.
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