Tinubu Asks NASS to Approve New $7.7bn Loan, Withdraws Previous External Borrowing Request

The new request provides more details about the proposed borrowing, including the sources of funds and the conditions under which they would be raised.

President Bola Tinubu has withdrawn his earlier request to the National Assembly to approve the processing of external loans worth $20.5 billion and €1.05 billion under the 2026–2027 Supplementary External Borrowing Plan.

The president has instead requested approval for a new external borrowing plan of $7.7 billion to finance the 2026 budget deficit partly.

The new request, which seeks approval for $7,707,404,882.49, was in a letter read by Senate President Godswill Akpabio during plenary on Wednesday.

According to Mr Tinubu, the proposed borrowing is equivalent to N10.9 trillion, calculated at an exchange rate of $1 to N1,400, and is intended to finance the N20.2 trillion budget deficit partly.

The president said the new borrowing plan would finance critical projects across various sectors, including infrastructure, defence, agriculture, healthcare, power and education.

He said the projects were designed to stabilise and strengthen the macroeconomic reforms and gains his administration has recorded in recent years.

The new request provides more details about the proposed borrowing, including the sources of funds and the conditions under which they would be raised.