“We Need to Fund the Budget”: Tinubu Seeks $7.7bn Loan

President Bola Tinubu has asked the House of Representatives to approve the Federal Government’s plan to raise $7.7 billion in external loans to finance part of the 2026 budget deficit.

The Tinubu $7.7bn external loan request was contained in a letter to the Speaker of the House, read on the floor on Wednesday, November 11, 2026, ValidViewNetwork reports .

THE REQUEST

The President said the loan was necessary to fund critical infrastructure and social programmes in the 2026 budget.

He urged the lawmakers to expedite the approval process to ensure that the funds were available on time.

THE CONTEXT

Nigeria’s debt profile has risen sharply in recent years, with the government borrowing heavily to fund budget deficits.

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Critics have raised concerns about the sustainability of the debt and the burden it places on future generations.

WHY IT MATTERS

The loan request is a test of the government’s fiscal strategy.If approved, it will add $7.7 billion to the national debt. If rejected, the government will have to find other ways to fund the budget deficit.

The President has made the request. The House will decide. And the people will bear the consequences. ValidViewNetwork reports.