President Bola Ahmed Tinubu has asked the Nigerian Senate to approve a fresh external borrowing plan of $7.7 billion (approximately ₦10.79 trillion) to help finance the country’s 2026 budget deficit.
The request was presented to the Senate through a letter dated October 26, 2026, and read during Wednesday’s plenary session by Senate President Godswill Akpabio.
According to the proposal, the funds will support government projects and programmes contained in the 2026 Appropriation Act, as well as help advance the administration’s economic reform agenda.
The new borrowing request replaces an earlier proposal seeking approval for $20.52 billion in external loans. Senate President Akpabio explained that the government had revised its borrowing plan to reflect funding from different sources and provide more details about how the financing would be arranged.
Nigeria’s 2026 budget includes a total borrowing provision of ₦29.2 trillion to help finance a projected budget deficit of ₦31.4 trillion. Of this amount, ₦18.4 trillion is expected to come from domestic borrowing, while ₦10.79 trillion is projected to come from external sources.
The Senate has referred the new request to its Committee on Local and Foreign Debts for further legislative consideration.
The development comes as Nigerians continue to monitor the country’s economic situation, particularly government borrowing, debt servicing obligations, inflation and the cost of living.
If approved, the proposed external loan will add to Nigeria’s existing debt obligations, making questions about how the funds will be utilised and how they will contribute to economic growth particularly important.
The government is expected to provide further details as the legislative review progresses.
