Tinubu seeks Senate’s approval to implement $7.7bn external borrowing plan
Abuja, Nov. 2026 – President Bola Tinubu is seeking Senate’s approval to implement a $7.7 billion external borrowing plan to part-finance the 2026 budget deficit.
The loan is equivalent to approximately ₦10.79 trillion at the budget exchange rate of ₦1,400 to the dollar.
The request was read by Godswill Akpabio, the President of the Senate during the plenary on Wednesday.
According to the letter, dated October 26, 2026, Tinubu requested the approval to implement new external borrowings as provided for in the 2026 Appropriation Act.
The letter reads in Parts: “I write to request for a resolution of the National Assembly to implement the new external borrowings in the 2026 Appropriation Act in the sum of N10, 790, 366, 835,481, which is the equivalent of $7,707,404,882.49 at the budget exchange rate of USD 1 to 1,400 Naira for the part financing of the budget deficit of 20.23 trillion Naira.”
He said the proposed borrowing was to seek additional funding to implement the 2026 budget amid revenue shortfalls and rising expenditure obligations.
He said the loan would be raised through a combination of Eurobond issuance, loans from multilateral and bilateral institutions, international financial institutions and syndicated loan arrangements.
The president said the loan would help finance the budget deficit, strengthen Nigeria’s external reserves and support the stability of the naira.
He also sought the Senate’s authorisation for the Minister of Finance and the Debt Management Office (DMO) to take the necessary steps to implement the borrowing plan.
