Tinubu Seeks $7.7bn Foreign Loan to Plug Budget Gap
Last update: November 12, 2026
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Another loan, another promise. But who really pays?
So, here we go again. President Bola Tinubu has asked the House of Reps to approve ₦10.79 trillion in foreign borrowing — about $7.70 billion — to partly plug the 2026 budget deficit.
CBI News notes that the full deficit is a staggering ₦31.4 trillion, with ₦29.2 trillion already planned as new borrowing.
Why does this matter? Because debt is not just numbers. Nigeria has borrowed heavily since the 1970s oil boom, and servicing old loans now eats money meant for hospitals, schools, and roads.
The cash would come via Eurobonds, IMF facilities, and multilateral loans, targeted at infrastructure, health, power, security, and education.
Next steps: The House has sent it to its loans committee. Watch that vote — your future is in it.
#NigeriaDebt #Tinubu #Budget2026 #HumanRights #CBINewsTv
