Tinubu Seeks Senate Approval for $7.7bn External Loan

… Akpabio Says Fresh Request Supersedes Earlier $20.3bn Proposal
President Bola Ahmed Tinubu has asked the Senate to approve a fresh external borrowing of $7.7 billion, equivalent to N10.79 trillion, to part-finance the Federal Government’s 2026 budget deficit.
The request, contained in a letter dated October 26, 2026, was read by Senate President Godswill Akpabio during plenary.
In the correspondence, Tinubu sought approval for the Federal Government to raise N10,790,366,835,481 at the budget exchange rate of N1,409 to one US dollar.
Reacting to the request, Akpabio said the latest correspondence effectively superseded an earlier proposal seeking approval for $20.3 billion in ext...