Amid soaring debt, the Nigerian Senate led by Godswill Akpabio on Tuesday approved Bola Tinubu’s external borrowing plan of over $21 billion for the 2025–2026 fiscal cycle, paving 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 totalling approximately ₦757bn.
Also included was a provision to raise up to $2bn through a foreign-currency-denominated instrument in the domestic market.
