Tinubu Seeks Senate Approval For $7.7bn External Borrowing

President Bola Tinubu has requested the Senate to approve the implementation of an external borrowing plan of 7.7 billion dollars.

At an exchange rate of ₦1,400 to the dollar, the borrowing amounts to about N10.79 trillion naira

The President said the funds are to part-finance the N20.2 trillion budget deficit.

The new request, according to the Senate President, replaces the 20.52 billion dollar loan request presented last week.

The request has been referred to the Committee on Local and Foreign Debts for further legislative action.