President Bola Tinubu has asked the Senate to approve a fresh $7.7 billion external borrowing plan, equivalent to approximately ₦10.79 trillion, to help finance the 2026 national budget deficit.The request was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Wednesday, November 4. Tinubu said the funds would support projects in critical sectors, including security, transportation, agriculture, power, education and healthcare.The proposed borrowing would be sourced mainly through Eurobond issuance, alongside financing from multilateral and bilateral institutions, international financial institutions and syndicated loan arrangements.
The President also said the funds would help strengthen Nigeria’s external reserves and support the naira.Akpabio said the new proposal appeared to replace the earlier $20.52 billion and €1.045 billion borrowing request submitted last week. He subsequently referred the fresh request to the Senate Committee on Local and Foreign Debts for consideration and further legislative action. The Senate has not yet approved the new request.updates. #Tinubu #Nigeria
Joseph Akwagiobe is a media contributor from Cross River State, Nigeria, currently based in Abuja. He is a graduate of Microbiology and has earned several professional certifications across diverse fields, reflecting his commitment to continuous learning, professional growth, and excellence.