The Senate, on Tuesday, approved President Bola Tinubu’s request to secure over $21 billion in external loans for the 2025–2026 fiscal cycle.
This is intended to finance key infrastructure and developmental projects under the 2025 Appropriation Act.
The approval followed the adoption of a report presented by the Chairman of the Senate Committee on Local and Foreign Debts, Senator Haruna Manu.
He stated that the borrowing plan, which would be executed through multilateral and bilateral institutions such as the World Bank, African Development Bank, and Islamic Development Bank, is vital for economic recovery and national growth.
“These loans are targeted at priority sectors like power, health, education, water resources, and agriculture,” Manu said. “It is not reckless borrowing; it is a strategic financial move aimed at stimulating the economy.”
Senate President Godswill Akpabio, who presided over the session, defended the decision, stressing that the loan was necessary to implement critical parts of the budget.
“We are not borrowing for luxury. We are borrowing to invest in roads, schools, and healthcare systems. This is a path to sustainable development,” he said.
Akpabio also addressed concerns about Nigeria’s growing debt profile. “Yes, we are concerned about the debt burden, but what is more dangerous is failing to invest in our economy,” he added.
“The Senate will ensure strict oversight to monitor disbursement and project execution.”
Senator Adamu Aliero, a ranking lawmaker, also voiced support, saying, “Without adequate funding, the goals of the 2025 budget will remain on paper. This is a step towards practical implementation.”
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