Tinubu asks Senate to approve $7.7bn foreign borrowing for 2026 budget

President Bola Tinubu has asked the Senate to approve fresh external borrowing of $7.7 billion to help finance the 2026 budget.
The request
The request was contained in a letter read by Senate President Godswill Akpabio during plenary on Wednesday, 4 November 2026. At the budget exchange rate of ₦1,400 to the dollar, the amount is equal to about ₦10.79 trillion. According to the letter, the money would be raised mainly through Eurobond issuance, as well as loans from multilateral and bilateral lenders, international financial institutions and syndicated loans. The President said the borrowing would help finance the budget, strengthen foreign reserves and support the stability of the naira. He also asked the Senate to authorise the Minister of Finance and the Debt Management Office to carry out the plan.
What the Senate did
Akpabio said the new request appeared to replace an earlier borrowing proposal and gave more detail on where the money would come from. He referred it to the Senate Committee on Local and Foreign Debts for consideration and a report.
Background
Nigeria's public debt has risen sharply in recent years, and borrowing has become a major political issue ahead of the 2027 elections. Last week, former President Olusegun Obasanjo described the government's borrowing as 'absolute nonsense', while opposition candidates have warned that debt servicing is taking up too much of government revenue. The government says borrowing is needed to fund infrastructure and that its reforms have improved Nigeria's credit rating and ability to raise money abroad.
What happens next
The Senate committee is expected to review the request before the full Senate votes on it.
- The request is worth about ₦10.79 trillion.
- Funds would come mainly from Eurobonds and international loans.
- The Senate referred it to its debt committee.



