Tinubu defends large loans for Nigeria, saying the country needs borrowing to build a $1 trillion economy.
The 2026 Appropriation Act provided for N29.2 trillion in new borrowing to finance a budget deficit. President Bola Tinubu requested approval to borrow $20.52 billion and €1.045 billion.
- President Bola Tinubu requested approval to borrow $20.52 billion and €1.045 billion.
- President Bola Tinubu sought Senate approval for external loans to fund the 2026 Appropriation Act.
- The Senate President said the latest request superseded an earlier request for $20.3 billion.
- The Senate referred the loan request to its Committee on Local and Foreign Debts.
- Senator Victor Umeh questioned the federal government's handling of past loans.
- Gross external reserves rose to USD 55.1bn as of October 9, 2026.
- The Federal Government increased its planned borrowing for 2026.
- The government plans to explore financing options like Eurobond issuance and IMF facilities.
Outlets: BusinessDay (Nigeria), Channels TV, Daily Trust, Peoples Gazette, Premium Times (Top), Punch, The ICIR
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