President Bola Ahmed Tinubu has approached the Senate seeking approval for a $7.7 billion external borrowing plan to finance part of Nigeria’s 2026 budget deficit.
The proposed loan, equivalent to approximately ₦10.79 trillion at the budget exchange rate of ₦1,400 to the dollar, is expected to support the Federal Government’s funding requirements under the 2026 fiscal plan.
The request will require legislative consideration and approval before the proposed external borrowing can proceed.
The development comes amid ongoing discussions over government spending, national debt and strategies to finance critical projects and programmes across the country.
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