President Bola Tinubu has changed his mind on how much Nigeria should borrow abroad. The Nigeria $7.7 billion borrowing request, sent to the Senate on Wednesday, replaces an earlier plan for $20.52 billion and €1.045 billion. Senate President Godswill Akpabio read the new letter during plenary and confirmed it supersedes the October 27 proposal.
The Numbers in Naira
The new request is for exactly $7,707,404,882.49, which equals N10.79 trillion at the budget exchange rate of N1,409 to the dollar. The money is meant to part-finance the 2026 budget deficit. Under the budget, total new borrowing stands at N29.2 trillion, split between N18.4 trillion at home and N10.79 trillion abroad. This request covers the foreign part.
How the Money Could Be Raised
Tinubu told lawmakers the government would pursue several financing options at the same time, weighing cost, benefit and how fast the cash can arrive. Reports say eurobond issuance is a priority. Supporters say the funds could help shore up reserves and steady the naira.
Opposition Cries Foul
Not everyone is impressed. Atiku Abubakar, the ADC presidential candidate, urged the Senate to reject the request. He pointed out that a proposal worth billions more landed only days earlier and warned that the debt would burden Nigerians and future governments. Politics aside, his question is fair: why did the figure drop so sharply in a week?
What Nigerians Should Ask
A smaller request sounds like good news, and in one sense it is. Still, $7.7 billion remains a huge sum. Ordinary Nigerians should push for clear answers on three points: what the money will fund, what interest it will carry, and how the debt will be repaid without squeezing public services.
The Senate has yet to decide, and a committee report is expected to guide its next move. Lawmakers will have to weigh the country’s capacity to manage more external debt against a budget gap that has to be filled somehow.
For households watching prices, the debate may feel distant. It shouldn’t. Government borrowing shapes the naira, interest rates and what the state can afford to spend. This is a story where the fine print will matter more than the headline.
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