Tinubu Proposes $7.7bn Eurobond Plan for 2026 Budget

President Bola Tinubu has replaced an earlier external borrowing proposal of $20.52 billion with a revised request of $7.7 billion, focusing on Eurobonds to facilitate quicker access to international financing for Nigeria's 2026 budget. This revised request, detailed in a letter dated October 26 and presented during a Senate plenary on November 5, seeks approval to raise $7,707,404,882.49, approximately ₦10.79 trillion at the budget exchange rate of ₦1,400 per dollar.

Senate President Godswill Akpabio (Akwa Ibom North) confirmed that this new proposal supersedes the previous one and is intended to implement external financing already approved in the 2026 Appropriation Act. Nigeria's 2026 budget anticipates ₦29.2 trillion in new borrowing, with ₦10.79 trillion sourced externally.

The government plans to explore various financing channels, including Eurobond issuance, which allows for substantial dollar financing without lengthy negotiations associated with other lending types. The final terms will depend on market conditions at the time of issuance.