Tinubu seeks senate approval for fresh $7.7bn foreign loan

President Bola Tinubu has written to the Senate, seeking approval for a fresh $7.7 billion external borrowing plan to part-finance the Federal Government’s N20.2 trillion budget deficit.

The request, at an exchange rate of N1,400 to the dollar, amounts to approximately N10.78 trillion.

In a letter addressed to the President of the Senate, Senator Godswill Akpabio, Tinubu said the proposed borrowing was intended to provide funding for part of the budget deficit.

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Announcing the request, Akpabio disclosed that the latest proposal replaced an earlier $20.52 billion external loan request submitted to the Senate last week.

He subsequently referred the communication to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko (APC, Sokoto North), for further legislative consideration.

Details of the proposed borrowing are expected to emerge as the committee begins its consideration of the request.