Senate considers Tinubu’s N10.79tn foreign loan request

The Senate has commenced a review of President Bola Tinubu's proposal to secure a $7.7bn (N10.79tn) external loan, with the request being forwarded to the Committee on Local and Foreign Debts for further examination. This proposed borrowing is intended to help address the estimated N31.4tn budget deficit, prompting increased scrutiny of government borrowing and debt obligations.

The loan request, outlined in a letter dated October 26, 2026, seeks approval from the National Assembly for the allocation of N10.79tn, with the remaining N18.4tn to be sourced from domestic loans.

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