The Senate has approved President Bola Tinubu’s external borrowing plan totalling over 21 billion US dollars for the 2025/2026 fiscal cycle.
The approval followed the presentation of a report by the Chairman of the Senate Committee on Local and Foreign Debt, Senator Aliyu Wamako, who explained that the borrowing request was initially submitted to the National Assembly on 27th May but faced delays due to the legislative recess and documentation gaps from the Debt Management Office.
Commenting further, Chairman of the Senate Committee on Appropriations, Senator Olamilekan Adeola, noted that a significant portion of the proposed loans had already been captured in the Medium-Term Expenditure Framework and the 2025 national budget.
He added that with the Senate’s approval, all revenue sources, including external borrowing, are now in place to ensure the full implementation of the 2025 Appropriation Act.