Wamako-led Committee Clears Delay, Approves Massive Loan Plan
In a major financial move, the Nigerian Senate on Tuesday approved President Bola Tinubu’s request to borrow over $21 billion from external sources to drive the full implementation of the 2025 Appropriation Act.
The comprehensive borrowing plan includes $21.19 billion in foreign loans, €4 billion, and ¥15 billion, alongside a $65 million grant. The plan also allows for domestic borrowing of about ₦757 billion through government bonds and up to $2 billion from local markets via foreign currency-denominated instruments.
Senator Aliyu Wamako, Chairman of the Senate Committee on Local and Foreign Debt, presented the report, disclosing that the borrowing request was submitted to the National Assembly on May 27. However, progress was stalled due to a legislative recess and missing documentation from the Debt Management Office (DMO).
The Senate’s approval clears the way for Tinubu’s administration to aggressively pursue capital projects and economic reforms outlined in the 2025 budget, despite growing concerns over Nigeria’s mounting debt profile.
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