Tinubu asks Senate to approve $7.7bn (N10.79tn) in external borrowing to fund 2026 budget

On November 4, 2026 President Bola Tinubu formally requested the Nigerian Senate’s approval to raise N10.79 trillion (about $7.7bn) in external financing as the external component of the 2026 Appropriation Act; the submission was read in plenary and referred to the Senate Committee on Local and Foreign Debts.

The request authorises the government to seek external financing (concessional, commercial, IMF, bridge facilities and Eurobonds) but does not commit any priced transactions. If approved and if Eurobonds are pursued, the move could increase foreign-currency supply to reserves and influence Nigerian sovereign USD bond supply expectations; actual market impact will depend on timing, instrument mix, and pricing conditions when facilities are executed.

Senate Committee on Local and Foreign Debts issues its report and the full Senate votes on the authorisation.