President Bola Tinubu has asked the Senate to approve a fresh $7.7 billion external borrowing to support the financing of the 2026 budget.
The proposed loan, valued at approximately N10.78 trillion at an exchange rate of N1,400 to the dollar, was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Wednesday, November 4, 2026.
Tinubu said the funds would help meet part of the Federal Government’s financing requirements, with proposed sources including international capital markets, multilateral and bilateral lenders, and syndicated financing arrangements.
The request follows an earlier external borrowing proposal of $20.52 billion and €1.045 billion submitted to the National Assembly on October 27, 2026, under the government’s supplementary borrowing programme for 2026 and 2027.
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The earlier package was intended to finance projects in infrastructure, agriculture, healthcare, education, security, water supply and employment generation.
Akpabio said the latest submission superseded the previous $20.52 billion request and referred it to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko (APC, Sokoto North), for legislative scrutiny.
The development comes months after the Senate approved a separate $6 billion external financing arrangement in March 2026. The package comprised a $5 billion facility from First Abu Dhabi Bank for budget support and a $1 billion export finance facility for the rehabilitation of Lagos Port Complex and Tin Can Island Port.
Meanwhile, the 2026 budget, initially presented on December 19, 2025, proposed expenditure of N58.18 trillion and a deficit of N23.85 trillion. Tinubu signed the Appropriation Bill into law on April 17, 2026, with approved expenditure of N68.32 trillion.
The latest borrowing request remains subject to Senate approval.