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 funds are intended to cover budget shortfalls and finance major infrastructure projects, including the Lagos-Calabar Coastal Highway and the reconstruction of the Eastern Rail line. Additional requests include hundreds of millions for telecom and youth entrepreneurship projects. While the government argues these loans are necessary for development, analysts and critics warn that Nigeria's debt burden will rise significantly, raising questions about long-term sustainability and repayment. The approval also includes a domestic bond to address pension arrears.
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