By George Omagbemi
President Bola Tinubu has asked the National Assembly to approve a fresh external borrowing request of $7.7 billion, equivalent to approximately ₦10.79 trillion, to help finance Nigeria’s 2026 budget deficit.
The request was conveyed in a letter dated October 26, 2026, which Senate President Godswill Akpabio read during plenary on Wednesday, November 4, 2026.
The new proposal effectively replaces an earlier request for $20.52 billion and €1.045 billion in external loans for the 2026–2027 period.
According to Tinubu, the proposed borrowing forms part of the ₦29.2 trillion approved new borrowing in the 2026 Appropriation Act. This comprises ₦18.4 trillion in domestic borrowing and ₦10.79 trillion in external financing to support the budget deficit.
The President said the funds would support projects in defence and security, transportation, agriculture, power, education and healthcare.
He listed possible funding sources, including multilateral and bilateral institutions, International Monetary Fund facilities, bridge financing and Eurobond issuance. However, he indicated that greater emphasis would be placed on Eurobonds because of their relatively faster processing and capacity to raise substantial funds.
Tinubu also argued that the foreign currency proceeds would strengthen Nigeria’s external reserves and support exchange-rate stability.
Akpabio said the new request superseded the earlier proposal and referred it to the Senate Committee on Local and Foreign Debts for further consideration.
The loan has not yet received final legislative approval.
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