Nigeria’s senate approves $21 Billion foreign loan plan to fund 2025 budget

Nigeria’s Senate has approved President Bola Tinubu’s request to borrow over $21 billion from external sources to support the country’s 2025 budget, a senior lawmaker confirmed late Tuesday.

The borrowing plan, submitted by Tinubu in May, is aimed at bridging budget deficits and funding key infrastructure and development projects. Lawmakers say the loans will come from multilateral and bilateral lenders, including the World Bank…