The Senate has approved President Bola Tinubu’s request to borrow over $21 billion for key projects in the 2025–2026 budget.
The plan includes $21.19bn in foreign loans, €4bn, ¥15bn, and $65m in grants. There’s also a provision to raise $2bn through foreign-currency bonds in the domestic market.
According to Senator Aliyu Wamakko, who presented the report, the loans will fund infrastructure, power, agriculture, security, housing, and digital connectivity. Notably, $3bn is earmarked to revive the Eastern Rail Corridor from Port Harcourt to Maiduguri.
Lawmakers said the loans are already factored into the 2025 budget and are tied to capital and human development projects.
