The Nigerian Senate has approved President Bola Tinubu’s plan for over $21 billion in foreign borrowing to plug shortfalls in the 2025 budget.
The comprehensive borrowing package includes $21.19 billion in direct foreign loans, €4 billion, ¥15 billion, a $65 million grant, and domestic borrowing through government bonds totaling approximately ₦757 billion.
Additionally, the plan allows for raising up to $2 billion in the domestic market via a foreign currency-denominated instrument.
The funds will be allocated to key sectors such as infrastructure, healthcare, education, security, and housing, with $3 billion earmarked for revitalizing the Eastern Rail Corridor.
Despite concerns over the rising national debt, the Senate has given its nod to the borrowing plan, paving the way for the full implementation of the 2025 Appropriation Act.
