President Bola Ahmed Tinubu has approached the Nigerian Senate seeking approval to borrow $7.7 billion to finance projects and programmes under the Federal Government’s borrowing plan.
President Bola Ahmed Tinubu has asked the Nigerian Senate to approve an external borrowing plan of $7.7 billion (approximately ₦10.79 trillion) to help finance the 2026 national budget deficit.
The request was contained in a letter dated October 26, 2026, which was read by Senate President Godswill Akpabio during plenary on Wednesday, November 4.
According to the President, the proposed borrowing forms part of the ₦29.2 trillion approved new borrowing for the 2026 budget, comprising ₦18.4 trillion in domestic borrowing and ₦10.79 trillion in external borrowing.
Tinubu explained that the funds would support projects and programmes in key sectors, including defence and security, transportation, agriculture, power, education and healthcare.
He also said the proceeds would help strengthen Nigeria’s external reserves and support the naira.
Following the presentation, Senate President Godswill Akpabio referred the request to the Senate Committee on Local and Foreign Debts for further consideration.
