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Senate Approves Tinubu’s $21bn Foreign Loan for 2025 Budget
The Senate has approved President Bola Tinubu’s $21.19bn foreign loan request, along with €4bn, ¥15bn, and a $65m grant to fund the 2025 Appropriation Act.
The package includes ₦757bn in domestic borrowing and a $2bn foreign-currency instrument. Lawmakers stressed the loans are concessional, tied to infrastructure and development projects, including $3bn for the Eastern Rail Corridor. Concerns over transparency and equitable distribution were raised.