Tinubu Seeks Senate Approval for $7.7bn Loan Request

On November 5, 2026, the Nigerian Senate began reviewing President Bola Tinubu's request for a $7.7bn (N10.79tn) external loan, which is part of the Federal Government's financing strategy for the 2026 fiscal year. The proposal aims to help fund a budget deficit estimated at N31.4tn and was referred to the Committee on Local and Foreign Debts by Senate President Godswill Akpabio (Akwa Ibom North).

The request, detailed in a letter dated October 26, 2026, seeks approval for N10,790,366,835,481, based on a budget exchange rate of N1,400 to the dollar. The loan represents the foreign component of a total new borrowing provision of N29.2tn as outlined in the 2026 Appropriation Act.

Tinubu explained that the borrowing plan complies with the Debt Management Office Act and emphasized the importance of Eurobond issuance due to its quicker processing time. Other financing options include loans from multilateral institutions and direct borrowing from international financial institutions.