2026 Budget Deficit: Tinubu Requests $7.7bn Loan Approval

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President Bola Ahmed Tinubu has formally requested approval from the National Assembly to secure a fresh external borrowing package of approximately $7.7 billion to part-finance the 2026 budget deficit.

Senate President Godswill Akpabio read the President’s letter, dated October 26, 2026, during Wednesday’s Senate plenary, confirming that the new submission effectively supersedes a previous external borrowing proposal of $20.3 billion.

Under the updated framework, the executive arm is seeking legislative authorization for external borrowing totaling ₦10.79 trillion, which converts to approximately $7.7 billion based on the budget benchmark exchange rate of ₦1,409 to the US dollar.

The borrowing request is expected to be referred to relevant Senate committees for legislative scrutiny and report presentation ahead of formal deliberation and vote.