The Senate has approved President Bola Tinubu’s request to secure fresh external loans totalling $6 billion, aimed at plugging fiscal gaps and financing key infrastructure projects. The approval followed the presentation and consideration of a report by the Chairman of the Senate Committee on Local and Foreign Debts, Senator Aliyu Wamakko (APC, Sokoto North). The latest borrowing request comes amid the Federal Government’s continued reliance on a mix of domestic and external loans to finance budget deficits and critical infrastructure. Just four months ago, the National Assembly approved Tinubu’s request to raise N1.15tn from the domestic debt market to fund the 2025 budget deficit, effectively completing the government’s financing plan for the year. At the Senate, the approval followed the adoption of a report presented by Wamakko’s committee, which highlighted key provisions of the 2025 Appropriation Act.

Source: Punch March 31, 2026 15:25 UTC