The Nigerian Senate approved on 22 July 2024 the external borrowing plan proposed by President Bola Tinubu, in the amount of 21.5 billion dollars for the period 2025-2026.

The borrowing plan is part of the Medium Term Expenditure Framework and the Budget Strategy Paper adopted previously for the 2025 budget cycle. Lawmakers who supported the measure said it was in line with existing national laws, including the Fiscal Responsibility Act and the Debt Management Act. Senator Adetokunbo Abiru said that the loans are concessional and long-term, with repayment periods ranging from 20 to 35 years, and are intended for the development of infrastructure and

The Senate also authorized the issuance of a 757 billion naira ($495 million) federal bond to settle outstanding pension commitments and authorized the government to raise up to $2 billion through domestic currency instruments.