Senate Approves $21 billion foreign request by president TINUBU .

The Nigerian Senate has approved President Bola Tinubu's $21 billion foreign loan request for the 2025-2026 fiscal cycle. This approval paves the way for the full implementation of the 2025 Appropriation Act.

*Loan Details:*

- *Total Amount:* $21.19 billion in direct foreign loans, €4 billion, ¥15 billion, and a $65 million grant

- *Domestic Borrowing:* Approximately ₦757 billion through government bonds

- *Foreign-Currency-Denominated Instrument:* Up to $2 billion to be raised in the domestic market

*Allocation and Purpose:*

The loan will be allocated to key sectors such as¹ ²:

- *Infrastructure:* $3 billion for the revitalization of the Eastern Rail Corridor, stretching from Port Harcourt to Maiduguri

- *Agriculture*

- *Security*

- *Power*

- *Housing*

- *Digital Connectivity*

Reactions from Senators:

- Senator Olamilekan Adeola, Chairman of the Senate Committee on Appropriations, said the borrowing is already embedded in the 2025 Appropriation Act, and the approval provides all revenue sources to fully fund the budget.

- Senator Sani Musa defended the borrowing, stating it aligns with global economic practices, and no economy grows without borrowing.

- Senator Abdul Ningi expressed concerns over transparency and equitable distribution, emphasizing the need for Nigerians to know the specifics of the loans and their intended impact.