Tinubu asks Senate to approve $7.7bn revised external borrowing plan, cites Eurobond as main source

On 4 November 2026 President Bola Tinubu submitted a revised external borrowing request of $7.7 billion to the National Assembly (read to the Senate on Nov. 4). The letter says the funds would be sourced mainly via Eurobond issuance alongside multilateral, bilateral and syndicated facilities, replacing an earlier larger proposal.

If approved and executed as Eurobond issuance, the $7.7bn plan would increase Nigeria’s external debt issuance supply and could affect the country’s external reserve position and naira liquidity depending on the use of proceeds and market timing. Markets would react to issuance size, tenor and investor appetite; benchmark UST moves and USD spreads versus Nigeria would determine price outcomes rather than FX moves alone.

Senate Committee on Local and Foreign Debts report back to the Senate or a formal approval vote by the National Assembly.