President Bola Tinubu has requested Senate approval for fresh external borrowing of 7.7 billion dollars, equivalent to approximately 10.79 trillion naira, to partly finance the 2026 budget deficit.
In a letter dated October 26 and read during plenary by Senate President Godswill Akpabio, the President explained that the proposed borrowing forms part of the 29.2 trillion naira in new loans provided for in the 2026 Appropriation Act.
The President proposed raising the funds through Eurobonds, multilateral and bilateral financial institutions, the International Monetary Fund and other international financing arrangements, with emphasis on Eurobonds.
He said the funds would support critical projects in defence, security, transportation, agriculture, power, education and healthcare, while also boosting Nigeria’s external reserves.
Senate President Godswill Akpabio noted that the latest request supersedes an earlier borrowing proposal and provides greater clarity on the financing options available to the Federal Government.
The request has been referred to the Senate Committee on Local and Foreign Debts for consideration and a report back to the chamber as soon as practicable.
