President Tinubu seeks Senate approval for $7.7bn borrowing

President Bola Tinubu has asked the Senate to approve fresh external borrowing of $7.7 billion to finance the 2026 budget.

The request, equivalent to approximately N10.79 trillion at the budget exchange rate of N1,400 to the dollar, was conveyed in a letter read during plenary by Senate President Godswill Akpabio today, November 4.

In the letter, President Tinubu said the funds would be raised primarily through Eurobond issuance, alongside loans from multilateral and bilateral institutions, international financial institutions and syndicated loan arrangements.

The President said the proposed borrowing would help finance the budget, strengthen Nigeria’s external reserves and support the stability of the naira.

He also sought authorisation for the Minister of Finance and the Debt Management Office (DMO) to take the necessary steps to implement the borrowing plan.

Reacting to the request, Akpabio said the latest submission appeared to supersede an earlier borrowing proposal, while providing greater clarity on the sources of the proposed financing.

The Senate President subsequently referred the request to the Senate Committee on Local and Foreign Debts for consideration and a report as soon as practicable.