Nigeria’s National Assembly has approved a $6.9 billion foreign loan request submitted by President Bola Ahmed Tinubu, marking a major step in the government’s financing strategy.
A key condition attached to the approval mandates that at least 40 percent of the loan be directed toward capital projects in the 2025 and 2026 budgets, ensuring tangible infrastructure and development outcomes.
The decision followed the adoption of a report by the Senate Committee on Local and Foreign Debt, which recommended the allocation framework to maximise economic impact.
During plenary, lawmakers moved quickly to deliberate and endorse the request, signalling strong legislative backing for the administration’s fiscal agenda.
Earlier, the president had written to the Assembly seeking adjustments to the 2026 Appropriation Bill, proposing an increase of ₦9 trillion to raise the total budget to ₦67.4 trillion.
The proposal, presented by Senate President Godswill Akpabio, aims to improve fiscal transparency and enhance the execution of priority national projects.
According to the president, the adjustment is designed to address outstanding financial obligations from previous budgets, integrate existing debt into the current fiscal framework, and support strategic development initiatives.
He also noted that the move would align Nigeria’s financing plan with macroeconomic stability while reducing pressure on the domestic financial system.
The administration’s broader fiscal plan reflects a focus on sustainable growth, with significant allocations to key sectors such as defence and security.
Projections within the framework include revenue estimates of over ₦34 trillion and a budget deficit exceeding ₦23 trillion, representing a controlled percentage of the country’s GDP.
The government maintains that the strategy is grounded in fiscal discipline, transparency, and a commitment to delivering value-driven public spending.
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