Tinubu withdraws $20.5bn loan request, sends fresh $7.7bn plan to Senate

President Bola Tinubu has asked the National Assembly to approve a new $7.7 billion external loan, withdrawing an earlier request for $20.5 billion and €1.05 billion, Premium Times reports.

The request was contained in a letter read by Senate President Godswill Akpabio during plenary on Wednesday.

Tinubu said the borrowing, equivalent to N10.9 trillion, would partly finance the 2026 budget deficit and fund projects in infrastructure, defence, agriculture, healthcare, power and education.

“In view of this, emphasis will be on the issuance of Eurobonds, which is typically faster to conclude. Additionally, a larger amount can be raised through Eurobonds at a relatively lower cost in respect to the terms and conditions of the Eurobond,” he said.

He said final terms, interest rates and repayment periods would be determined at the time of pricing.

Akpabio referred the request to the Senate Committees on Local and Foreign Debts and Appropriations for scrutiny.

The request comes amid concerns over Nigeria’s rising public debt.