The request of the President of the President of the Senate Tinubu for an $ 21 billion external loan plan for 2025-2026 – Thage

By Victor Osula, Abuja

Tuesday the Nigerian Senate approved the request of President Bola Tinubu of a complete external loan plan of over $ 21 billion for the tax years 2025-2026.

The approval followed the consideration and approval of the Senate Committee for the local and foreign debt, presented to Tuesday’s plenary by its president, Aliyu Wamako.

President Tinubu had had on May 27, requested the approval of the National Assembly to guarantee $ 21.5 million and ¥ 15 billion external loans, together with a subsidy of € 65 million, as part of the external loan plan of the federal government government.

While funds have the aim of supporting various national development projects in key sectors, including infrastructures, safety, agriculture and development of human capital, the approved loan package includes “$ 21.19 billion in direct foreign loans, 4 billion euros) of approximately $ 2 billion of capitalization and capital capital at approximately $ 2 billion of capitals at approximately $ 2 billion. foreign current in the internal market.

Senator Sani Musa (Niger East) said that the loan plan covers a period of disbursement of six years.

In addition, the president, the Senate Committee for banks, insurance and other financial institutions, senator Adetokunbo Abiru (Lagos East), has reassured the chamber that the loans comply with both the law on tax liability and the law on debt management. He stressed that all the funds were designated for capital and human development projects.

“These loans are long -term, dealers and are equipped with favorable reimbursement terms. Some have tenors ranging from 20 to 35 years”, observed ABIRU.

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