BOLDEN African News · Wednesday 4 November 2026
President Tinubu asks the Senate to approve $7.7 billion in new external borrowing
President Bola Ahmed Tinubu has asked the Senate to approve $7.7 billion (N10.79 trillion at the budget rate of N1,409 to the dollar) in external borrowing, in a letter dated 26 October 2026 that Senate President Godswill Akpabio read in plenary. Akpabio said it supersedes an earlier request for $20.3 billion. The options include concessional and commercial loans, IMF support, bridge financing and Eurobonds, with Eurobonds the stated priority.
Why it matters
The size and mix of Nigeria's foreign borrowing will shape Eurobond supply and the cost of sovereign debt.
Source: Leadership via AllAfrica · 4 November 2026