Nigeria, July 22 -- The Senate has approved President Bola Tinubu's request for a substantial external borrowing plan totaling over $21 billion for the 2025-2026 fiscal years.

The Senate announced that these funds are earmarked for supporting key national development projects across various sectors, such as infrastructure, security, agriculture, and human capital development.

On Tuesday, during a plenary session in Abuja, Senator Aliyu Wamako, the Chairman of the Senate Committee on Local and Foreign Debt, presented the long-awaited report, which was initially introduced on May 27, 2025.

The holdup in the approval process was attributed to parliamentary recesses and difficulties in acquiring necessary documentation from the Debt Manage...