Tinubu seeks Senate nod for $7.7bn borrowing
President Bola Tinubu has asked the Senate to approve a $7.7bn external borrowing plan to part-finance the 2026 budget deficit and support key sectors. Read More: https://punchng.com/tinubu-seeks-senate-nod-for-7-7bn-borrowing/
President Bola Tinubu has sought Senate approval for a $7.7 billion external borrowing plan to help finance the 2026 budget deficit. The request, conveyed in a letter by the Senate President, Godswill Akpabio, aimed to part-finance the N29.2 trillion approved new borrowing for the 2026 budget, which includes N18.4 trillion in domestic borrowing and N10.79 trillion in external borrowing.
The external financing is necessary to complement the budget deficit of N20.23 trillion. The government plans to explore various funding options, with a focus on Eurobonds due to their shorter time frame and potential for larger amounts at lower costs. The funds will be allocated to priority sectors such as defense and security, transportation, agriculture, power, education, and health, as well as to strengthen the country's external reserves and support the naira exchange rate.
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