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

The proposed loan, which translates to approximately ₦10.79 trillion at an exchange rate of ₦1,400 to the dollar, is expected to contribute towards funding the ₦20.2 trillion budget deficit.

The President’s request was conveyed to the Senate, where the Senate President disclosed that the new borrowing proposal replaces the earlier $20.52 billion loan request submitted to the National Assembly last week.

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

The committee is expected to scrutinise the proposal before making its recommendations to the Senate for further deliberation.