By our reporter 4.11.2026
President Bola Tinubu’s request for a fresh external borrowing of $7.707 billion, to finance part of the Federal Government’s 2026 budget deficit has left Nigerians wondering about his true intention few months to the 2027 elections.
Senate president Godswill Akpabio Wednesday read a letter of fresh approval for a loan, few days after President Tinubu had asked for a $20.2 billion external borrowing to fund infrastructural development. Tinubu in his letter said the proposed loan would form part of the financing for projects and programmes captured in the 2026 Appropriation Act.
Tinubu stated that N18.4 trillion of the proposed new borrowing would be sourced domestically, while N10.79 trillion would come from external sources. He said the ministry of finance and the debt management office will work together to secure favourable loan terms for the country.
“The new external borrowings are required to implement the items, programmes and projects in the 2026 Appropriation Act, which are designed to consolidate and strengthen the macroeconomic reforms and gains recorded by this administration in the past few years,” he said.
Senator Akpabio said during the plenary session that the President’s fresh request for loan effectively cancelled the earlier proposal for $20.52 billion and €1.045 billion on October 27.
“I believe this letter effectively cancels the earlier request that was sent for $20-something billion. But this is much more explicit.”
Reactions on X social media:
@EricAyodel90479: “Few months to election and they want fresh foreign loan. That tells you everything.”
@shuaib_WB: ” This man has been taking loan that has no positive effect on the nation. He is rather using it to take care of himself. He should take as much as he wants and leave us alone by 2027, we are tired of him.”
@ella__78_: “if I can’t win the election, I’ll put the country in chronic dept”
@Chimemaram1: “If we allow him in the next election he will run down our country, tomorrow one politician will use fuel price in the United state to compare with fuel price in Nigeria but they will never compare their Healthcare, education system, currency strength to ours.”