Tinubu Seeks Senate Approval for Fresh $7.7 Billion Foreign Loan

President Bola Tinubu has asked Nigeria’s Senate to approve a fresh $7.7 billion external loan to partly finance the federal budget deficit of 20.2 trillion naira. At an exchange rate of 1,400 naira to the dollar, the proposed borrowing is worth about 10.78 trillion naira. Senate President Godswill Akpabio said the request replaces an earlier proposal for a $20.52 billion foreign loan. The request was referred to the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wamakko, for consideration.