Nigerian Senate Approves Loans for Tinubu Amid Rising Debt Concerns

The Nigerian Senate has approved President Bola Ahmed Tinubu's request for loans totaling 2.847 billion to support Nigeria's 2025 budget. The loans include international financing to cover the budget deficit and fund critical infrastructure projects.

Concerns were raised about the country's increasing debt profile, with the Debt Management Office reporting a debt of 97 trillion by mid-2025. Senate members emphasized the necessity of the loans to maintain economic stability and uphold Nigeria's credit reputation internationally.

The loans are part of efforts to sustain national projects and manage debt obligations in line with the 2025 fiscal framework.