Nigerian Senate Finally Approves President Bola Tinubu’s Extensive $21.8bn External Borrowing Plan for 2025-2026
Nigerian Senate Finally Approves President Bola Tinubu’s Extensive $21.8bn External Borrowing Plan for 2025-2026
The Nigerian Senate has approved President Bola Tinubu’s extensive $21.8 billion external borrowing plan for 2025-2026, alongside other significant financial requests. This major legislative decision explores deeper issues of national debt, economic development, and fiscal strategy, engaging public discourse on the long-term implications for Nigeria’s financial future.
Key Points:
Senate approved Tinubu’s $21.8bn external borrowing plan for 2025-2026.
Plan includes €2.1bn, JPY15bn, and a €65m grant.
N757.9bn for pension liabilities also approved via domestic bond.
$2bn capital raising for currency denomination program sanctioned.
Requests were passed following recommendation by Senator Aliyu Wamakko’s committee.
Senator Abdul Ningi raised concerns over loan repayment conditions.
Senators Abiru and Musa defended the loan as friendly and flexible.
The Senate’s approval marks a critical step in the government’s plan to fund vital projects, despite concerns over future repayment burdens. This significant financial move reveals how deeply rooted national development goals navigate storms not just of economic needs, but of fiscal responsibility.
Sources: Nigerian Tribune