Tinubu ask lawmakers to approve $7.7 billion borrowing from outside Nigeria for 2026 budget

Nigeria Senate hear request on Wednesday to allow government raise about $7.7 billion from outside di country to help cover di shortage for di 2026 federal budget. Senate President Godswill Akpabio read President Bola Tinubu letter for di 4 November sitting. Wetin happen dat day na presentation of di request to lawmakers. No be transfer of money enter Nigeria.

Di date for di letter na 26 October. Akpabio say as e understand am, di proposal wey carry more details replace earlier request under di extra external borrowing plan for 2026 and 2027. Dat first plan include about $20.5 billion and another €1.05 billion. If you just minus di new dollar figure from di old dollar figure, you go leave out di euro part and di difference between wetin di two plans cover.

Government wan cover part of di gap between wetin e plan to spend and di revenue wey e expect. Tinubu mention projects for power, agriculture, infrastructure, healthcare and education, among others. Di list tell people wetin government wan finance. E no tell you how much any particular hospital, school or contractor don receive.

Tinubu tell lawmakers say government go look at different ways to raise di money, with special attention to Eurobonds. Na bonds wey investors dey buy for international markets. Di name no mean say government must repay dis dollar borrowing for euros. Di president say di time e go take to raise di money and wetin each option go cost go matter.

For borrowing for di market, di letter say dem go know final interest rate, repayment period and other conditions when dem set price for di transaction. Dat mean say di amount wey government ask for alone no reach to calculate all di interest or give date when repayment go finish.

Wetin e mean for you. Different papers answer different questions about public debt. Di letter explain how much government wan raise and why. Lawmakers decision go show wetin dem approve. Terms of any bond wey government actually sell go show wetin Nigeria agree to pay. Just to read di letter no establish those terms or any payment to project.