President Bola Tinubu has asked the Senate to approve a fresh $7.7 billion external borrowing plan, equivalent to approximately ₦10.79 trillion, to partly finance the Federal Government’s ₦20.2 trillion budget deficit.
The request was conveyed in a letter addressed to Senate President Godswill Akpabio and read during plenary on Wednesday, November 4, 2026.
Tinubu said the proposed borrowing would help bridge the funding gap in the 2026 budget, with the funds expected to be raised through a combination of external financing sources.
The latest request, according to Akpabio, replaces an earlier $20.52 billion external loan proposal submitted to the Senate last week.
Following the presentation of the letter, the Senate President referred the request to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko, for further legislative consideration.
The committee is expected to examine the proposal and report back to the Senate before further action is taken.
The proposed borrowing is part of the Federal Government’s external financing plan for the 2026 budget, with the administration seeking to secure funds for critical government expenditure.
The fresh loan request comes amid renewed public debate over Nigeria’s rising debt profile, borrowing costs and the need for greater accountability in the management of public funds.
The Senate is yet to approve the latest borrowing request.
