Senate Approves Tinubu’s $21 Billion Foreign Borrowing Plan for 2025-2026 Budget
[NigerianEye - Nigeria] - 22/07/2025
The Nigerian Senate on Tuesday granted approval for President Bola Tinubu’s ambitious plan to borrow over $21 billion from external sources to fund the 2025-2026 fiscal years, ensuring the full implementation of the 2025 Appropriation Act. The borrowing package includes $21.19 billion in direct foreign loans, €4 billion, ¥15 billion, a $65 million grant, and approximately ₦757 billion in domestic borrowing through government bonds. Additionally, the plan allows for raising up to $2 billion in the domestic market via a foreign currency-denominated instrument.The approval followed a report (…)
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