Tinubu writes Senate, seeks approval for fresh $7.7b foreign loan
by Hassan Muaz · The Eagle OnlinePresident Bola Ahmed Tinubu has written to the Senate, seeking approval for a fresh $7.7 billion external borrowing plan to part-finance the Federal Government’s N20.2 trillion budget deficit.
The loan request, which is about N10.78 trillion when converted at the 2026 budget benchmark rate of N1,400 per dollar, was contained in a letter from the President which was read on the floor of the Senate by Senate President Godswill Akpabio during plenary.
Tinubu said the proposed borrowing was intended to provide funding for part of the budget deficit.
Announcing the request, Akpabio disclosed that the latest proposal replaced an earlier $20.52 billion external loan request submitted to the Senate last week.
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He subsequently referred the communication to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko (APC, Sokoto North), for further legislative consideration.
Details of the proposed borrowing are expected to emerge as the committee begins its consideration of the request.
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