Tinubu seeks approval for $7.7bn external borrowing plan

President Bola Tinubu has asked lawmakers to approve a new $7.7 billion external borrowing plan to help finance projects and programmes in the 2026 budget and support the government’s economic reform agenda.

Senate President Godswill Akpabio said the request supersedes an earlier proposal to borrow $20.52 billion externally. He said the government revised its borrowing plan to reflect funding from multiple sources and to provide greater detail on its financing structure.

Akpabio explains revised plan

Akpabio said the government will have to explore the available options and secure the best possible terms under a willing-seller, willing-buyer arrangement.

The revised request replaces the earlier $20.52 billion external borrowing proposal. It now goes to lawmakers for approval.

2026 budget and deficit

Nigeria’s 2026 budget provides for financing a budget deficit of 31.4 trillion naira. According to Akpabio, the borrowing programme includes funds to be raised from domestic markets.

The request cites an exchange rate of $1 = 1,345.9100 naira.

What it means

The borrowing request is tied to funding the 2026 budget and the government’s reform agenda. For businesses and consumers, the size of the deficit and the mix of external and domestic borrowing will shape how the government raises money and manages its obligations.