00:00Nigeria's Senate has approved President Bola Tenobu's request to borrow over $21 billion from external sources to support the country's 2025 budget, a senior lawmaker confirmed late Tuesday.
00:12The borrowing plan, submitted by Tenobu in May, is aimed at bridging budget deficit and funding key infrastructure and development projects.
00:22Lawmakers say the loan will come from multilateral and bilateral lenders, including the World Bank and the African Development Bank.
00:30Senate President described the move as necessary to move press and national needs, but critics warn the rise in debt could further strain the economy.
00:40Nigeria, Africa's largest economy, has struggled with falling oil revenues, a weakening Naira, and inflation above 30%.
00:50Tenobu's government says the funds will be used to stimulate growth, boost job creation, and finance transport education and health projects.
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