The Senate has approved President Bola Ahmed Tinubu’s request to secure over $21 billion in foreign loans to support the effective implementation of the 2025 Appropriation Act and the 2026 fiscal framework.

The borrowing plan includes $21.19 billion in external loans, €4 billion, ¥15 billion, and a grant valued at $65 million. It also encompasses domestic borrowing through government bonds totaling approximately ₦757 billion.

Additionally, the plan authorizes the generation of up to $2 billion from the domestic market via a foreign currency-denominated instrument.

Senator Aliyu Wamako, Chairman of the Senate Committee on Local and Foreign Debt, presented the report to the Senate. He noted that the proposal was initially submitted to the National Assembly on May 27, but its consideration was delayed due to the legislative recess and incomplete documentation from the Debt Management Office.