President Bola Ahmed Tinubu has formally requested approval from the National Assembly to secure a fresh external loan of $7.7 billion (approximately ₦10.79 trillion) to part-finance the Federal Government’s ₦31.4 trillion budget deficit for the 2026 fiscal year.

The request, contained in a letter dated October 26, 2026, and addressed to the Senate President, was read on the floor of the upper legislative chamber during Wednesday’s plenary.

Following its presentation, the Senate referred the executive communication to its Committee on Local and Foreign Debts for further legislative consideration and reporting.

According to the President’s letter, the proposed borrowing is calculated at the budget benchmark exchange rate of ₦1,400 to the United States dollar.

The request complies with Sections 21(1) and 27(1) of the Debt Management Office (Establishment, etc.) Act, 2003, which mandates legislative approval for all external debt transactions.

Under the 2026 Appropriation Act, total new borrowings stand at ₦29.2 trillion to bridge the projected budget gap.

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