By Redaction ARPS Media with The Cable and other Agencies
Nigeria’s Senate has approved President Bola Tinubu’s request to borrow over $21 billion from foreign sources for the 2025 budget.
The borrowing plan aims to close budget gaps and fund key infrastructure projects, with loans anticipated from organizations such as the World Bank and the African Development Bank.
While Senate President Godswill Akpabio considers this move necessary to address urgent national needs, critics caution that the rising debt could negatively impact the economy.
Nigeria faces challenges, including falling oil revenues and high inflation. The government believes the funds will stimulate growth and create jobs, but concerns remain about the sustainability of the increased debt.
Read more at: Senate approves Tinubu’s $21 billion borrowing plan for 2025–2026
