On Tuesday, Nigerian Senate don approve President Bola Tinubu’s borrowing plan wey reach over $21 billion for di 2025–2026 budget waka. Di money package heavy well well, and e carry plenty foreign and local levels. Inside am, you go see $21.19 billion wey dem go borrow from abroad, join with €4 billion and ¥15 billion from other international sources. Dem still collect $65 million wey be grant.
Di approval come after Senator Aliyu Wamakko, wey be Chairman of di Senate Committee on Local and Foreign Debt, present report. He tok say di plan first land for National Assembly on May 27, but e delay because Senate go recess and documentation wahala from di Debt Management Office.
Di Chairman of di Senate Committee on Appropriations, Senator Olamilekan Adeola, talk say most of di loan wey government wan collect don already enter inside Medium-Term Expenditure Framework and di 2025 budget.
He tok say, “Di borrowing don already dey inside di 2025 Appropriation Act. With this approval, we now get all revenue sources, including loans, to fully fund di budget.”
Even though many people support am, di approval still raise some concern for di chamber.
Senator Sani Musa clear say di loan wey dem wan collect no go finish for just 2025 but e go spread across six years.
He defend di borrowing, say na wetin make sense for economy wey wan grow.
He tok say, “No economy dey grow if e no dey borrow. Wetin we dey do now dey follow di correct way wey other countries dey use and na global best practice.”
Senator Adetokunbo Abiru, wey be di Chairman of di Committee on Banking, Insurance and Other Financial Institutions, assure di chamber say di loans na concessional and dem follow wetin Fiscal Responsibility Act and Debt Management Act talk.
He tok say, “These loans are long-term, some with tenors ranging from 20 to 35 years, and they are strictly tied to capital and human development projects.”
But Senator Abdul Ningi from Bauchi Central raise concern about transparency and how dem go share di money well. He warn say Nigerians suppose sabi wetin di loan dey for and how e go take affect dem.
He tok say, “We need to tell our constituents exactly how much is being borrowed in their name, and for what purpose.”
Among di key sectors wey di loan plan go touch na infrastructure, agriculture, security, power, housing, and digital connection.
One big highlight na di $3bn wey dem allocate to rebuild di Eastern Rail Corridor wey go run from Port Harcourt reach Maiduguri.
Senator Victor Umeh from Anambra Central hail di rail project say na big achievement. He talk say, “Na first time I dey see $3bn allocated to rebuild di eastern rail line. That one alone justifies my full support.”
Deputy Senate President, Jibrin Barau, praise di committee work and talk say di borrowing plan show say everybody for Nigeria dey carried along.
He yarn say, “This shows that the Renewed Hope Agenda is working. No region is left out.”
Di Senate leadership still talk say all di money must strictly enter capital and development projects, make e follow wetin public finance regulation talk.
