BREAKING: Senate approves Tinubu’s $21.5bn foreign loan request

The Nigerian Senate has approved President Bola Ahmed Tinubu’s external loan borrowing request of over $21 billion.

The loan package, which was presented by the Chairman of the Senate Committee on Local and Foreign Debt, Senator Aliyu Wamako, includes $21.19 billion in direct foreign loans, €4 billion, ¥15 billion, a $65 million grant, and additional domestic borrowing estimated at ₦757 billion through government bonds.

Also included in the plan is a proposal to raise up to $2 billion through a foreign-currency instrument within the domestic market.

According to Senator Wamako, the borrowing request was initially sent to the National Assembly on May 27, but deliberation was delayed due to a recess and documentation challenges from the Debt Management Office.

Commenting on the approval, the Chairman of the Senate Committee on Appropriations, Senator Olamilekan Adeola, said most of the loans had already been incorporated into the 2025 budget framework.

“With this approval, all revenue sources, including external and domestic borrowing, are now in place to ensure full funding of the 2025 Appropriation Act,” he stated.