Nigeria's Senate has approved President Bola Tinubu's request to borrow over $21 billion from external sources for the 2025–2026 fiscal cycle. The loans are intended to fund major infrastructure projects, including rail corridors and coastal roads, as well as to address pension bond arrears. This move is expected to raise Nigeria's total national debt to approximately $118 billion by 2026, sparking concerns about the country's growing debt burden. Despite these worries, the government argues the borrowing is necessary to plug budget shortfalls and stimulate economic development. The approval also includes additional requests for bonds and smaller loans to support various federal initiatives.
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