Tinubu Seeks Senate Approval for Fresh $7.7bn External Loan

President Bola Tinubu has asked the Senate to approve a fresh external borrowing plan of $7.7 billion to partially finance the country’s budget deficit.

The request was conveyed in a letter dated October 26, 2026, which was read by Senate President Godswill Akpabio during plenary on Wednesday.

According to Akpabio, the new proposal replaces an earlier $20.52 billion external loan request submitted by the President the previous week.

The proposed borrowing is linked to the 2026 Appropriation Act, which provides for ₦29.2 trillion in new borrowing to finance the Federal Government’s budget deficit.

The borrowing provision comprises ₦18.4 trillion in domestic loans and approximately ₦10.79 trillion in external financing.

Tinubu said the request was in compliance with Sections 21(1) and 27(1) of the Debt Management Office (Establishment, etc.) Act, 2003, which require the approval of the National Assembly for external borrowing.

Following the presentation of the letter, the Senate referred the request to its Committee on Local and Foreign Debts for further legislative consideration.

At an exchange rate of ₦1,400 to the dollar, the proposed $7.7 billion loan is equivalent to approximately ₦10.78 trillion.

Akande Explains Why Vice Presidents Cannot Override Presidents

Meanwhile, Laolu Akande, former spokesman to ex-Vice President Yemi Osinbajo, has urged Nigerians to understand the constitutional and political limitations of the office of the Vice President.

Akande made the remarks during an appearance on Channels Television’s Sunrise Daily on Wednesday, where he discussed the working relationship between Presidents and their deputies.

He likened the difference in authority between the two offices to “light and darkness”, arguing that the President holds the ultimate decision-making power.

Speaking about the administration of former President Muhammadu Buhari, Akande said Osinbajo had presented several ideas and policy proposals, but they were not always adopted.

He explained that the constitutional structure gives the President the authority to make final decisions, meaning the Vice President cannot overrule the President.

According to him, the same arrangement applies to the current administration, where Vice President Kashim Shettima can offer advice to Tinubu, but the final decisions rest with the President.

Akande therefore urged Nigerians to stop holding Vice Presidents responsible for decisions taken by Presidents, stressing that the two offices do not exercise equal constitutional powers.