President Bola Tinubu has requested Senate approval for $7.7 billion in external borrowing to help close the Federal Government’s 2026 budget deficit. Senate President Godswill Akpabio said the proposal replaces an earlier request for $20.3 billion in external loans.
Tinubu said the funds would come from a mix of multilateral and bilateral loans, international financial institutions and Eurobond issuance. He added that the borrowing would help bolster Nigeria’s foreign reserves and provide support for the naira.
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The president said the Central Bank of Nigeria would receive the funds on behalf of the Federal Government, resulting in an increase in the country’s foreign reserves. The request has been referred to the Senate Committee on Local and Foreign Debt for consideration.
