Senate Approves $21 Billion External Borrowing Plan for 2025-2026

The Senate has approved President Bola Tinubu’s external borrowing proposal totaling over $21 billion for the 2025-2026 fiscal cycle. The package includes $21.19 billion in foreign loans, €4 billion, ¥15 billion, a $65 million grant, and a domestic bond issuance of around N757 billion for pension liabilities.

These funds are earmarked for vital sectors such as power, transport, health, education, water, and agriculture, Warri Sentinel learnt. Notably, $3 billion is allocated to revitalize the Eastern Rail Corridor, spanning Port Harcourt to Maiduguri.

Senator Adetokunbo Abiru assured that the loans are largely concessional, with low interest rates and long repayment periods, strictly designated for capital and human development projects in compliance with Nigeria’s Fiscal Responsibility and Debt Management Acts.