Tinubu seeks new $7.7bn foreign loan, sends request to senate

President Bola Tinubu has requested the Senate to sanction another $7.7 billion borrowing facility for the financing of the N20.2 trillion budget deficit of the Federal Government.

At the exchange rate of N1,400 per dollar, the proposed borrowing facility is worth approximately N10.78 trillion.

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

Announcing the request during plenary, Akpabio disclosed that the latest proposal had replaced an earlier request for a $20.52bn external loan, which was submitted to the Senate last week.

The Senate President subsequently referred the communication to the Senate Committee on Local and Foreign Debts for further legislative consideration.

The committee is chaired by Senator Aliyu Wamakko, who represents Sokoto North under the All Progressives Congress.

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