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Tinubu Seeks Approval for $7.7 Billion External Borrowing Plan - REUTERS
ABUJA, November 4 (Reuters) – Nigerian 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, explaining that the government had revised its borrowing plan to reflect funding from multiple sources and provide greater detail on its financing structure.
"The government will have to explore the available options and secure the best possible terms under a willing-seller, willing-buyer arrangement," Akpabio said.
Nigeria's 2026 budget provides for 29.2 trillion naira ($21.70 billion) in borrowing to finance a budget deficit of 31.4 trillion naira.
According to Akpabio, the borrowing programme includes:
18.4 trillion naira to be raised from domestic markets.
10.79 trillion naira to be sourced externally.
Exchange rate: $1 = 1,345.9100 naira.
