The Senate has approved President Tinubu's request for a $21 billion loan.

Nigeria's Senate has approved President Bola Tinubu's request to borrow over $21 billion (£17 billion) from foreign sources to address shortfalls in the federal budget for the 2025–2026 fiscal year. This approval marks a significant step forward for the implementation of the Appropriation Act.

The approved financing package was formally presented to the National Assembly on May 27. However, its approval was delayed due to a legislative recess and documentation issues. The package includes $21.19 billion in foreign loans, €4 billion (£3.4 billion), ¥15 billion, a $65 million grant, and up to $2 billion in foreign-currency domestic bonds.

Senator Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debt, noted that the initial submission faced delays because of the legislative break and late documentation from the Debt Management Office.

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