President Bola Tinubu has requested Senate approval for a $7.7 billion foreign borrowing plan.
Calculated at an exchange rate of ₦1,400 to the dollar, the loan facility amounts to approximately ₦10.79 trillion.
The President noted that the borrowed funds are intended to finance a portion of the nation’s ₦20.2 trillion budget deficit.
The Senate President clarified that this revised submission replaces the previous $20.52 billion loan request submitted the preceding week.
The request has been referred to the Senate Committee on Local and Foreign Debts for further legislative review and processing.
$20.52 billion foreign borrowing
On October 27, Tinubu requested Senate approval for €1.045 billion and $20.52 billion in external loans under the 2026–2027 Supplementary External Borrowing Plan.
Tinubu stated that the proposed loans will fund major projects across infrastructure, agriculture, healthcare, education, water supply, security, job creation, and financial management reforms.
Senate President Godswill Akpabio read the president’s letter on the Senate floor in Abuja on Tuesday.
He wrote, “I want to emphasise that the projects and programmes included in the Borrowing Plan were selected based on thorough technical and economic evaluation, as well as their anticipated contribution to the socio-economic development of the country.”
Tinubu further emphasized that the initiatives will improve livelihoods for Nigerian children by reducing poverty, boosting food security, and expanding entrepreneurship, employment, and skill acquisition.
The president noted that implementations will span all 36 states and the Federal Capital Territory.
Backstory…
The latest request follows other external borrowing arrangements pursued by the administration.
In March 2026, the National Assembly approved a $6 billion external borrowing plan, including a proposed $5 billion facility from First Abu Dhabi Bank to support the national budget and a $1 billion UK export finance facility for the rehabilitation of Tin Can Island Port and the Lagos Port Complex.
In May, lawmakers also approved a $516.3 million loan to finance the Sokoto–Badagry Superhighway.
