President Bola Tinubu has asked the Senate to approve fresh external borrowing of $7.7 billion to finance the 2026 national 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 on Wednesday, November 4.
In the letter, Tinubu said the proposed funds would be raised mainly through Eurobond issuance, alongside loans from multilateral and bilateral institutions, international financial institutions and syndicated loan arrangements.
The President explained that the borrowing would help finance the 2026 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 proposed borrowing plan.
Reacting to the request, Akpabio said the latest submission appeared to supersede an earlier borrowing proposal, while providing more 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.
The committee is expected to examine the proposal before the Senate takes further action on the President’s request.
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