Nigeria’s Senate greenlights President Tinubu’s $21 B external borrowing to fill 2025 fiscal gap.
Nigeria’s Senate approved on July 23, 2025 President Bola Tinubu’s request to secure over $21 billion in foreign loans, euros, yen, grants, and domestic bonds to plug gaps in the 2025 federal budget.
The package includes $4.7 billion in euros, 15 billion yen (~ $102 million), a $65 million grant and $2 billion domestic debt. Lawmakers said the funds will support infrastructure, healthcare, education, security, housing, and a key eastern rail corridor upgrade.
The borrowing approval follows major reforms embraced by Tinubu, including fuel subsidy removal and naira devaluation, which triggered inflation and amplified living cost pressures.
Critics warn the debt could worsen Nigeria’s fiscal burden unless matched by improved public finance management and project transparency, while supporters argue it is vital for closing financing shortfalls and boosting development.
I’m Adedayo Obadina
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