Tinubu Seeks Senate Approval for Fresh $7.7 Billion Loan as Nigeria’s Debt Burden Rises
President Bola Ahmed Tinubu has asked the National Assembly to approve a new external borrowing plan of $7.7 billion, approximately ₦10.79 trillion, to help finance the 2026 budget deficit. The request has renewed debate about Nigeria’s debt and whether borrowing can deliver meaningful development. The proposal followed the President’s withdrawal of an earlier request to process external loans of $20.52 billion and €1.045 billion. The revised $7.7 billion request replaces that proposal; it is not an additional loan. The Senate has referred it to relevant committees for scrutiny. It has not been finally approved. According to the President’s communication, the 2026 budget provides for ₦29.2 trillion in new borrowing: ₦18.4 trillion domestically and ₦10.79 trillion externally. This would help cover a projected deficit of about ₦31.4 trillion. The government says the external financing will support infrastructure, defence, agriculture, healthcare, electricity and education....