The Senate on Tuesday approved President Bola Tinubu’s external borrowing plan of over $21 billion for the 2025–2026 fiscal cycle, paving the way for the full implementation of the 2025 Appropriation Act.
The comprehensive borrowing package includes $21.19bn in direct foreign loans, €4bn, ¥15bn, a $65m grant and domestic borrowing through government bonds totalling approximately ₦757bn.
Also included was a provision to raise up to $2bn through a foreign-currency-denominated instrument in the domestic market.
The approval followed the presentation of a report by the Chairman of the Senate Committee on Local and Foreign Debt, Senator Aliyu Wamako, who noted that the plan was first submitted to the National Assembly on May 27 but was delayed due to legislative recess and documentation issues from the Debt Management Office.
The Chairman of the Senate Committee on Appropriations, Senator Olamilekan Adeola, said most of the loan requests had already been factored into the Medium-Term Expenditure Framework and the 2025 budget.
“The borrowing is already embedded in the 2025 Appropriation Act. With this approval, we now have all revenue sources, including loans, in place to fully fund the budget,” Adeola explained.
While the approval drew broad support, it also raised concerns.
Senator Sani Musa clarified that the loan disbursement would span six years, not just 2025.
He defended the borrowing, saying it aligns with global economic practices.
“There’s no economy that grows without borrowing. What we are doing is in line with global best practices,” he said.
Senator Adetokunbo Abiru, who chairs the Committee on Banking, Insurance and Other Financial Institutions, assured the chamber that the loans are concessional and adhere to the Fiscal Responsibility Act and Debt Management Act.
“These loans are long-term, some with tenors ranging from 20 to 35 years, and they are strictly tied to capital and human development projects,” he said.
However, Senator Abdul Ningi (Bauchi Central) voiced concerns over transparency and equitable distribution, warning that Nigerians deserve to know the specifics of the loans and their intended impact.
“We need to tell our constituents exactly how much is being borrowed in their name, and for what purpose,” he said.
Among the key sectors targeted in the loan plan are infrastructure, agriculture, security, power, housing, and digital connectivity.
A major highlight is the allocation of $3bn for the revitalisation of the Eastern Rail Corridor, stretching from Port Harcourt to Maiduguri.
Senator Victor Umeh (Anambra Central) hailed the rail project as a milestone, saying, “This is the first time I have seen $3bn allocated to rebuild the eastern rail line. That alone justifies my full support.”
Deputy Senate President, Jibrin Barau, commended the committee’s efforts and stressed that the borrowing plan reflects national inclusiveness.
“This shows that the Renewed Hope Agenda is working. No region is left out,” he said.
Senate leadership maintained that all funds must be deployed strictly for capital and development projects, in line with public finance regulations.
The Member, representing Ukwa East/West Federal Constituency and Chairman, House Committee on South East Development Commission (SEDC), Hon. Chris Nkwonta, has enjoined his Constituents and Nigerians, to imbibe the virtues of sacrifice, forgiveness, hope, patience, humility and love for humanity as exemplified by Our Lord Jesus Christ, which is the real essence of Easter Celebration.
In a statement personally signed by the Legislator, he called on his Constituents and the Christian Community in Nigeria to demonstrate Christ-like virtues of love for humanity, hope for a better future, peaceful and harmonious disposition in their dealings with one another for a United Ukwa Federal Constituency and indeed Nigeria, where brotherly love reigns amongst Citizens.
He maintained that despite the prevailing temporary economic difficulties; there is light at the end of the tunnel and strong hope for a better, improved and secured economy within a short period of time.
Hon. Nkwonta, wished everyone a hitch free and joyous Easter Celebration!
The Rivers State Police Command has declared that the tragic death of a 26-year-old lady, Peace Moses, an indigene of Akwa Ibom State, was not reported in any of its divisions or units across the state.
Peace was knocked down last Monday evening by a convoy of about 15 fast-moving vehicles around Omega Junction along Ada-George Road in Port Harcourt.
She was returning from an evening service at her church, Love Channel Christian Centre, also located along Ada-George Road, when the tragic incident occurred.
Last Thursday, a candlelight procession was organised in her honour by her friends and neighbours.
Speaking with our correspondent in Port Harcourt yesterday, Police Public Relations Officer (PPRO) in the state, Grace Iringe-Koko, a Chief Superintendent of Police (CSP), wondered why neighbours could not report the incident to the Police.
Iringe-Koko stated that even the Divisional Police Officer (DPO) in charge of the Rumuepirikom Police Division was unaware of the tragic incident.
“Probably they didn’t report any such incident to the Police Station because the DPO in charge of that area is asking me where and when the incident occurred.
See, if they don’t report cases to the Police, how would the Police know? We are not magicians. I just spoke with the DPO, and she said she is not aware of anything like that.
“Somebody needs to report or anyhow, information needs to get through so that we too will get it,” she said.
But reacting to the claim by the Police, a human rights lawyer, Courage Nsirimovu, said that, with or without a report on the tragic incident, the Police are duty-bound to investigate the matter.
Nsirimovu said: “The duty of the Nigerian police is to secure lives and properties, and where a life has been lost in such grievous circumstances, the police have a duty to investigate the matter on the basis of their mandate and the public need to prevent such a menace to human life.
“The Police have a duty to investigate the matter, with or without a petition.”
The Oluwo of Iwo, Oba Abdulrosheed Akanbi, on Sunday said many Nigerians might seek a constitutional amendment to allow President Bola Tinubu to remain in office beyond two terms.
The monarch, in a congratulatory message by his spokesperson, Ibrahim Alli, to celebrate Tinubu’s 74th birthday, described the President as a decisive leader who has laid a renewed foundation of hope for the country.
“Many Nigerians may beg for a constitutional review for Tinubu to spend more than two terms in office. He is a leader who knows what he is doing,” he said.
Oluwo said the President had distinguished himself through what he described as a firm campaign against illegalities that had stalled the country’s economic growth.
He added that the President’s administrative prowess had driven notable gains, citing improvements in the naira, a rise in foreign reserves from about $1bn to between $49.5bn and $50.45bn as of late February/March 2026, and strengthened economic indices.
The monarch attributed the gains to structural reforms, including exchange rate unification, increased oil output and higher foreign investment inflows.
Oluwo also commended Tinubu for granting local government autonomy, increasing allocations to states, expanding road infrastructure and improving palliative distribution at the grassroots.
According to him, past leaders attempted similar economic reforms but were overwhelmed by public and political pressure.
He said only a capable leader could implement tough but necessary decisions to reposition the economy.
Oluwo added that the President’s policies had begun to impact the standard of living, noting that the next phase would be stability.
He said, “You are not yet a capable leader until you make decisions and stand by them. Many past presidents attempted to remove obstacles to economic prosperity but were overrun by public outcries. Tinubu has demonstrated uncommon leadership through reforms.
“Nigeria’s foreign reserves have increased to over $49.5bn from about $1bn. Local government autonomy is taking effect, states earn more, and road projects, including Lagos-Calabar Coastal Road and Sokoto-Badagry, are ongoing.”