US Edition
Senate Approves Tinubu's $21bn Foreign Loan Plan
NIGERIA, JUL 22 – The $21 billion loan package spans six years and targets infrastructure, agriculture, security, and pension arrears, with $3 billion allocated for eastern rail revitalization, Senate says.
- Nigeria’s Senate has given the green light to President Bola Tinubu’s proposal to secure more than $21 billion in external financing for the 2025-2026 budget, aimed at supporting critical development and infrastructure projects.
- The borrowing plan was first submitted on May 27 but approval was delayed by legislative recess and missing documents from the Debt Management Office.
- The $21.19 billion package includes foreign loans, a $65 million grant, £4 billion domestic borrowing, and a $2 billion foreign-currency instrument in the domestic market.
- Senator Olamilekan Adeola confirmed that with the necessary approvals, all funding streams, such as loans, are secured to cover the entire budget, while some opponents express concern that increasing debt levels may negatively impact the economy.
- The approval enables full execution of the 2025 Appropriation Act aiming to stimulate growth and infrastructure, though transparency and debt sustainability concerns remain.
26 Articles
26 Articles
Senate approves Tinubu’s $21 billion loan request
Nigeria’s Senate has approved President Bola Tinubu’s request to borrow more than $21 billion (£17 billion) from foreign sources to bridge shortfalls in the 2025–2026 federal budget, clearing a major hurdle for the implementation of the Appropriation Act. The approved package – formally presented to the National Assembly on 27 May but delayed due to recess and documentation issues – comprises $21.19 billion in foreign loans, €4 billion (£3.4 bil…
Senate approves Tinubu's $21bn foreign loan plan
The Senate has approved President Bola Tinubu’s external borrowing plan of over $21 billion for the 2025–2026 fiscal cycle. DAILY POST reports that the development has paved the way for the full implementation of the 2025 Appropriation Act. The comprehensive borrowing package includes $21.19bn, in direct foreign loans, €4bn, ¥15bn, a $65m grant and domestic borrowing through government bonds, totaling approximately ₦757bn. The loan also included…
Tinubu Seeks Additional $347 Million Loan for Coastal Highway, Other Projects
ABUJA, Nigeria — President Bola Tinubu has requested the National Assembly to approve an additional $347 million in external loans as part of the 2025–2026 borrowing plan, citing rising project costs and a newly identified funding need. The request, contained in a letter read by Speaker Tajudeen Abbas during plenary on Wednesday, July 23, 2025, brings Nigeria’s total external borrowing request under the current plan to $21.89 billion, up from th…
Coverage Details
Bias Distribution
- 40% of the sources lean Left, 40% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
