Senate don approve President Bola Tinubu plan to borrow over $21 billion from outside for 2025 to 2026 budget period.
Senate don approve President Bola Tinubu borrowing plan wey pass $21 billion for 2025–2026 budget circle.
The borrowing package wey dem approve include $21.19 billion foreign loan, €4 billion, ¥15 billion, plus one $65 million grant. Senate still give go-ahead make government raise about ₦757 billion for Nigeria through domestic bond, to pay pension money wey government still dey owe under Contributory Pension Scheme.
According to wetin government talk, the money go enter important areas like light, transport, health, education, water, and agriculture. One big part of the money $3 billion dem keep am specially to repair and revive the Eastern Rail Line wey dey connect Port Harcourt to Maiduguri.
Nigeria don always get wahala to fund development projects, and most times na foreign loan dem dey use take cover the money gap. Our roads, electricity, and other infrastructure don suffer long time from lack of money, and this one don affect the economy and people life.
Tinubu government don dey talk since say big investment dey needed to move the country forward and create jobs.
On Tuesday, Senator Adetokunbo Abiru talk say the loan no be anyhow loan say na concessional loan dem be, meaning say interest no too high and the payment time long, from 20 to 35 years.
Abiru come add say the loan na only for capital and human development projects, and everything go follow Nigeria law like Fiscal Responsibility Act and Debt Management Act.
This new loan approval na part of other borrowing wey the Tinubu government don request before, and e show say government still dey rely on foreign support to run important national projects and settle some financial matter.
Government believe say these loans na smart investment wey go help open Nigeria economy and better citizens life.
