<\/p>\n
By George Mgbeleke<\/p>\n
The Senate, on Tuesday approved an external borrowing plan of $21.5 billion for the 2025\u20132026 Medium Term Expenditure Framework (MTEF) designed to finance key projects in critical sectors including infrastructure, security, education, health, agriculture, and human capital development.<\/p>\n
The Red chamber also approved a \u00a515 billion Japanese loan, a \u20ac65 million grant, and additional domestic borrowing of \u20a6757 billion through federal bonds to offset pension arrears as of December 2023.The lawmakers further gave approval to an exec request to raise up to $2 billion through foreign-currency denominated instruments in the domestic market.<\/p>\n
These approvals, which came on Tuesday, followed the presentation of a report by the Chairman of the Senate Committee on Local and Foreign Debts, Senator Aliyu Wamakko (APC-Sokoto), at plenary. Wamakko said the loan request was in line with the already approved Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the 2025\/2026 budget cycle. According to him, him, the committee recommended the approval, as the borrowing plan is within the framework already passed by the National Assembly.<\/p>\n
Chairman, Senate Committee on Appropriation, Senator Solomon Adeola (APC-Ogun) while supporting the motion srated that the loans were embedded in the 2025 Appropriation Act, adding that with the approval, all revenue sources, including loans, were now in place to fund the budget.
\nSimilarly. Chairman Senate Committee on Finance, Senator Sani Musa (APC-Niger) stressed that the loans would be disbursed over six years and assured that Nigeria was in a good position to utilise the loan and pay back as agreed with the creditors. Musa ruled out the fears in some quarters that Nigeria\u2019s debt profile was becoming too burdensome, stressing that Nigeria had never defaulted on any of its liabilities.
\nHowever, Senator Abdul Ningi (PDP-Bauchi) raised concerns over the absence of repayment details and how the loans would directly impact constituents.
\n\u201cWe must tell Nigerians exactly how much is borrowed in their name and for what purpose,\u201d Ningi said.
\ninclusiveness.<\/p>\n","protected":false},"excerpt":{"rendered":"
By George Mgbeleke The Senate, on Tuesday approved an external borrowing plan of $21.5 billion for the 2025\u20132026 Medium Term Expenditure Framework (MTEF) designed to finance key projects in critical sectors including infrastructure, security, education, health, agriculture, and human capital development. The Red chamber also approved a \u00a515 billion Japanese loan, a \u20ac65 million […]<\/p>\n","protected":false},"author":2,"featured_media":1228,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[3702,3704,651,677,3703,2524,3705,3623,119],"class_list":["post-5696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy","tag-borrowing-plan","tag-denominated","tag-expenditure","tag-external","tag-foreign-currency","tag-framework","tag-instruments","tag-liabilities","tag-repayment"],"_links":{"self":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/5696","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/comments?post=5696"}],"version-history":[{"count":1,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/5696\/revisions"}],"predecessor-version":[{"id":5697,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/5696\/revisions\/5697"}],"wp:attachment":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media?parent=5696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/categories?post=5696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/tags?post=5696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}