The Senate has approved President Bola Ahmed Tinubu’s request for an external borrowing plan exceeding $21 billion for the 2025–2026 fiscal cycle. This decision followed the consideration and adoption of a report from the Senate Committee on Local and Foreign Debt, presented by Chairman Senator Aliyu Wamakko.
The comprehensive borrowing package includes:
- $21.19 billion in direct foreign loans
- €4 billion
- ¥15 billion
- $65 million in grants
- Domestic borrowing through government bonds
Additionally, there is a provision to raise up to $2 billion through foreign-currency-denominated instruments in the domestic market. The loan plan targets key sectors such as infrastructure, agriculture, security, power, housing, and digital connectivity, with $3 billion allocated for revitalizing the Eastern Rail Corridor from Port Harcourt to Maiduguri.
Senator Wamakko noted that the plan was initially submitted to the National Assembly on May 27 but faced delays due to legislative recess and documentation issues.
Deputy Senate President Barau Jibrin emphasized the plan’s national inclusiveness, stating it aligns with the Renewed Hope Agenda. Senator Solomon Adeola highlighted that the borrowing is already incorporated into the 2025 Appropriation Act, ensuring all revenue sources are in place to fund the budget fully.
Senator Sani Musa added that borrowing is essential for economic growth, in line with global best practices, while Senator Adetokunbo Abiru confirmed that the loans are strictly tied to capital and human development projects.
