Tinubu replaces a $20.5bn borrowing request with a smaller $7.7bn plan
The new request, mainly through Eurobonds, would fund part of the 2026 budget deficit already approved by lawmakers.
Abuja — President Bola Tinubu has withdrawn his request for the National Assembly to approve about $20.5 billion and €1.05 billion in external loans, and asked instead for a new external borrowing plan of $7.7 billion.
Senate President Godswill Akpabio read the letter on Wednesday. The amount, $7,707,404,882.49, is about ₦10.9 trillion at ₦1,400 to the dollar.
The president said the money would part-finance the 2026 budget and pay for projects in infrastructure, defence, agriculture, health, power and education.
Mostly Eurobonds
Tinubu said all borrowing options would be pursued at the same time, with the emphasis on Eurobonds, which he described as quicker to complete and able to raise larger sums at a relatively lower cost. Because the debt would be raised on the market, the final interest rates and repayment terms will only be known at pricing.
The 2026 Appropriation Act already approved ₦29.2 trillion in new borrowing to cover most of a deficit of about ₦31.4 trillion: ₦18.4 trillion at home and ₦10.79 trillion abroad. The new request covers part of the external share.
Akpabio sent the request to the Senate committees on local and foreign debts and on appropriations, which are to report back as soon as possible.
Source: Premium Times, November 2026.
