Tinubu Slashes External Borrowing Request to $7.7bn, Seeks Senate Approval
* New proposal replaces earlier $20.52bn and €1.045bn borrowing plan, says Akpabio * Funds to finance 2026 budget deficit, support reserves, stabilise naira Sunday Aborisade in Abuja President Bola Tinubu
President Bola Tinubu has requested the Senate's approval for Nigeria's implementation of a $7.7 billion external borrowing plan to help finance the 2026 budget deficit. In a letter read by Senate President Godswill Akpabio during Wednesday's plenary, Tinubu asked the National Assembly to approve new external borrowings as part of the N29.2 trillion approved for the 2026 budget.
The external financing accounts for N10.79 trillion, equivalent to $7,707,404,882.49 based on the budget exchange rate of USD 1 to 1,400 Naira. The government plans to explore various funding options, with an emphasis on Eurobond issuance due to its relatively shorter time requirement and potential for securing larger amounts at lower costs.
The funds will support projects in priority sectors, including defence and security, transportation, agriculture, power, education, and health, as well as bolster Nigeria's external reserves and strengthen the naira. The Senate President referred the request to a committee for further legislative action.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
