Tinubu Seeks Senate Approval For $7.7bn External Loan 

By Barth Ikiebe

President Bola Tinubu has asked the Senate to approve a new external borrowing plan of $7.7 billion to help finance Nigeria’s budget deficit.

At an exchange rate of ₦1,400 to the dollar, the proposed loan is worth approximately ₦10.79 trillion.

The President said the funds would be used to partly finance the ₦20.2 trillion budget deficit.

According to Senate President, Godswill Akpabio, the latest request replaces an earlier $20.52 billion borrowing proposal presented to the National Assembly last week.

The request has been referred to the Senate Committee on Local and Foreign Debts for further legislative consideration.

The committee is expected to examine the proposal and report back to the Senate for further action.