President Bola Tinubu asks Nigeria’s National Assembly to approve a new $7.7 billion external borrowing plan to support the 2026 budget. Multiple outlets say the funding is linked to part-financing the 2026 budget deficit and broader economic objectives, and that the request is presented to the legislature as part of the budget process.
Several reports describe the borrowing as equivalent to about N10.78 trillion using a benchmark exchange rate of N1,400 to the dollar. Vanguard and Nigerian Eye add detail that the request is meant to help part-finance a large budget deficit and support external reserves and naira stability. Vanguard also notes the request is directed to the Senate, while Nigerian Eye describes it being read during Senate plenary by Senate President Godswill Akpabio and then referred to a committee.
Premium Times highlights that Tinubu withdraws an earlier external borrowing request and submits a new one with more specifics on sources and conditions. Across outlets, the emphasis is on legislative approval and the size and purpose of the loan, with some variations in reported figures and added context about funding sources and execution authority.
