Politics
BREAKING: Tinubu Seeks Senate Approval for $7.7 Billion Loan to Fund 2026 Budget Deficit
Tinubu has requested Senate approval for a $7.7 billion external borrowing plan to partly finance the 2026 budget deficit, replacing an earlier $20.52 billion request.
- Tinubu has requested Senate approval for a $7.7 billion external borrowing plan to partly finance the 2026 budget deficit, replacing an earlier $20.52 billion request.
President Bola Tinubu has asked the Senate to approve the implementation of a $7.7 billion external borrowing plan to partly finance the Federal Government’s 2026 budget deficit.
The request, presented on Wednesday, November 4, is intended to cover part of the ₦20.2 trillion funding gap.
According to Senate President Godswill Akpabio, the proposal replaces the $20.52 billion borrowing request submitted the previous week. It therefore represents a replacement request rather than an additional $7.7 billion on top of that earlier proposal.
The Senate referred the President’s communication to its Committee on Local and Foreign Debts for further legislative consideration.
The referral does not constitute approval of the borrowing plan. The request remains subject to the Senate’s consideration.
Details of the proposed lenders, interest rates, repayment periods and disbursement arrangements were not provided in the initial report.
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