President Bola Ahmed Tinubu has asked the Nigerian Senate to approve an external borrowing plan of $7.7 billion, equivalent to approximately ₦10.79 trillion, to finance projects and programmes under the Federal Government’s 2026 borrowing plan.
POLITICS NIGERIA reports that the request was contained in a letter dated October 26, which was read by Senate President Godswill Akpabio during plenary on Wednesday, November 4.
In the letter, Tinubu explained that the proposed external borrowing was part of the ₦29.2 trillion new borrowing approved for the 2026 national budget to finance the country’s budget deficit.
The approved borrowing plan comprises ₦18.4 trillion in domestic borrowing and ₦10.79 trillion in external borrowing.
According to the President, the funds would be channelled into critical sectors of the economy, including defence and security, transportation, agriculture, power, education and healthcare.
He also explained that the proposed borrowing would help strengthen Nigeria’s external reserves and support the naira amid the country’s economic challenges.
Following the presentation of the letter, Akpabio referred the request to the Senate Committee on Local and Foreign Debts for further legislative consideration.
The committee is expected to examine the proposal before reporting back to the Senate for further action.
Akpabio also indicated that the latest $7.7 billion borrowing request appeared to supersede an earlier external borrowing proposal of $20.52 billion and €1.045 billion, which had been presented to the National Assembly the previous week.
The development comes amid ongoing legislative efforts to introduce major constitutional and security reforms in the country.
This publication had earlier reported that the National Assembly moved closer to the establishment of state police after 29 state Houses of Assembly endorsed the proposed constitutional amendment.
Deputy Speaker of the House of Representatives, Benjamin Kalu, announced on Wednesday that the State Police Bill would be transmitted to President Tinubu for assent.
Kalu made the disclosure while presiding over plenary at the House of Representatives, describing the development as a significant milestone in the country’s efforts to reform its policing system.
“The State Police Bill has received the backing of 29 State Assemblies. Later today, the Clerk to the National Assembly will transmit it to the President for assent,” he said.
The endorsement by 29 state legislatures exceeds the constitutional requirement of 24 states, representing two-thirds of the 36 state Houses of Assembly, for constitutional amendments.
The proposed reform seeks to give state governments the authority to establish and operate their own police formations to complement the existing Nigeria Police Force.
Nigeria currently operates a centralised policing system under the control of the Federal Government, with police administration and command largely vested in federal authorities.
Supporters of state police have argued that allowing states to establish their own police formations would strengthen security at the grassroots and enable authorities to respond more effectively to threats within their jurisdictions.
However, concerns have also been raised about possible political interference, funding, accountability and the protection of citizens’ fundamental rights under the proposed arrangement.
