President Bola Tinubu has asked the Senate to approve a fresh external borrowing of $7.707 billion, equivalent to N10.79 trillion, to finance part of the Federal Government’s 2026 budget deficit
In a letter dated October 26, 2026, read during plenary on Wednesday by Senate President Godswill Akpabio, Tinubu said the proposed loan would form part of the financing for projects and programmes captured in the 2026 Appropriation Act.
The request is based on an exchange rate of N1,400 to the dollar and represents the external component of the Federal Government’s borrowing plan.
According to the President, N18.4 trillion of the proposed new borrowing would be sourced domestically, while N10.79 trillion would come from external sources.
The President also sought the Senate’s authorisation for the Minister of Finance and Coordinating Minister of the Economy, in collaboration with the Debt Management Office (DMO), to take necessary steps to implement the borrowing plan.
Akpabio said the fresh request superseded an earlier proposal seeking approval for $20.52 billion and €1.045 billion, which Tinubu had submitted to the National Assembly on October 27.
He described the new communication as more explicit, providing greater clarity on the proposed financing arrangements and allowing the government to explore different sources of external funding.
Follow Us on Facebook – @LadunLiadi; Instagram – @LadunLiadi; Twitter – @LadunLiadi; Youtube – @LadunLiadiTV for updates
