By Stephen Simon
President Bola Tinubu has asked the National Assembly to approve a fresh external borrowing plan of $7.7 billion to partly finance the 2026 budget deficit.
The request, contained in a letter read by Senate President Godswill Akpabio during plenary on Wednesday, seeks approval for external borrowing of $7.707 billion, equivalent to about N10.79 trillion.
The new proposal replaces an earlier request by the President for approval to process external loans worth $20.5 billion and €1.05 billion under the 2026–2027 Supplementary External Borrowing Plan.
According to the President, the funds would be used to finance projects and programmes captured in the 2026 budget and support the Federal Government’s economic reform agenda.
The request is expected to provide more details on the proposed sources of funds and the conditions under which the loans would be obtained.
Akpabio referred the request to the Senate Committee on Local and Foreign Debts for further legislative consideration.
The fresh borrowing proposal comes amid continuing public debate over Nigeria’s rising debt profile, the cost of servicing existing loans and the government’s reliance on external borrowing to finance budgetary commitments.
The National Assembly is expected to examine the terms and implications of the proposed facilities before deciding whether to grant the President’s request.
