Posted by Chinenye on Wed 04th Nov, 2026 - tori.ng
President Tinubu wants to borrow ₦10.79 trillion from outside Nigeria to help fund the 2026 budget and pay for important projects.
(President Bola Tinubu. Photo by Britannica)
President Bola Tinubu has asked the Senate to approve a fresh external loan of ₦10.79 trillion, or $7.707 billion, to help fund the 2026 budget deficit.
The request is contained in a letter dated October 26, 2026.
Senate President Godswill Akpabio read it out during plenary.
Akpabio said the new request cancels an earlier one for $20.52 billion and €1.045 billion, which was made on October 27.
The loan is part of the ₦29.2 trillion in new borrowing approved in the 2026 Appropriation Act to cover a deficit estimated at ₦31.4 trillion.
Of that new borrowing, ₦10.79 trillion would come from abroad and ₦18.4 trillion from domestic sources.
Tinubu said the foreign money would come from several sources, including Eurobond issuance, loans from multilateral and bilateral lenders, International Monetary Fund facilities and bridge financing.
He said Eurobonds would get the most focus because they can be raised quickly and at a relatively low cost.
He said all the options would be pursued at the same time and that the final terms would depend on market conditions when the bonds are priced.
He also said the Finance Ministry and the Debt Management Office would work together to get the best deal.
According to the president, the money would fund projects in the 2026 budget, particularly in defence and security, transport, agriculture, power, education and health.
He said the borrowing would also add to Nigeria's foreign reserves and help support the naira, since the Central Bank would receive the foreign currency on the government's behalf.
Tinubu based the request on sections of the Debt Management Office Act, 2003, which require National Assembly approval for foreign borrowing.
The figure is calculated at the budget exchange rate of ₦1,400 to the dollar.
Akpabio said the new letter was clearer than the earlier request and gave the government room to shop around for the best terms.
He described the approach as a "willing seller, willing buyer" arrangement.
He then referred the request to the Senate Committee on Local and Foreign Debts for review and a report "as soon as practicable."