President Bola Ahmed Tinubu has formally requested the Senate’s approval for a $7.7 billion external borrowing plan designed to help finance the national budget deficit.
The executive communication was read on the floor of the upper legislative chamber by Senate President Godswill Akpabio during plenary.
Converted at an estimated exchange rate of ₦1,400 to the US Dollar, the proposed external loan amounts to approximately ₦10.79 trillion. According to the President’s letter, the funds will be utilized to part-finance the ₦20.2 trillion budget deficit in the national fiscal plan.
Senate President Akpabio clarified that this revised proposal replaces the previous $20.52 billion loan request presented to the National Assembly last week.
Following the presentation, the request was formally referred to the Senate Committee on Local and Foreign Debts for detailed legislative review and further action, with the committee expected to report back to the plenary.
