President Bola Ahmed Tinubu has asked the Senate to approve a fresh external borrowing plan of $7.7 billion (approximately ₦10.79 trillion) to partly finance Nigeria’s 2026 budget deficit.
The request was conveyed in a letter dated October 26, 2026, which was read by Senate President Godswill Akpabio during plenary on Wednesday, November 4.
In the letter, Tinubu sought approval to raise $7,707,404,882.49 at the budget exchange rate of ₦1,400 to the dollar to help finance the country’s projected ₦20.23 trillion budget deficit.
The President explained that the proposed borrowing formed part of the ₦29.2 trillion new borrowing provision approved in the 2026 Appropriation Act, comprising ₦18.4 trillion in domestic borrowing and ₦10.79 trillion in external loans.
According to him, the funds would support critical projects and programmes in defence and security, transportation, agriculture, power, education and healthcare.
Tinubu said the Federal Government planned to explore different financing options, including loans from multilateral and bilateral institutions, commercial facilities and Eurobond issuance.
He, however, indicated that greater emphasis would be placed on Eurobonds because they could be concluded faster and potentially provide larger amounts at relatively lower costs.
The President added that the proceeds would be received by the Central Bank of Nigeria on behalf of the Federal Government, helping to boost the country’s external reserves and support the naira.
Following the presentation of the letter, Akpabio referred the request to the Senate Committee on Local and Foreign Debts for further consideration.
The new request comes barely a week after Tinubu sought legislative approval for a separate external borrowing plan of $20.52 billion and €1.05 billion for the 2026–2027 fiscal period.
Akpabio indicated that the latest proposal replaces the earlier borrowing request.
The development comes amid ongoing concerns over Nigeria’s rising public debt and the government’s reliance on borrowing to finance budget deficits and infrastructure projects.
