Tinubu Withdraws $20.5bn Loan Request, Seeks $7.7bn Instead

President Bola Tinubu has withdrawn his request for National Assembly approval of $20.52 billion and €1.05 billion in external loans and replaced it with a new, smaller proposal of $7,707,404,882.49, according to a letter read by Senate President Godswill Akpabio at plenary on Wednesday, 4 November.

**What the new request says** The President put the amount at about ₦10.8–10.9 trillion, calculated at ₦1,400 to the dollar, and said it is intended to part-finance the 2026 budget deficit, reported at about ₦20.2 trillion. The letter states a preference for raising the money through Eurobonds.

**Why it matters** Akpabio said the new letter effectively cancels the earlier request, which was presented last week under the 2026–2027 Supplementary External Borrowing Plan, and described it as far more explicit than the first. Premium Times reported that the new request gives more detail on the sources of funds and the conditions under which they would be raised.

**What happens next** The request has been referred to the Senate committees on Local and Foreign Debts and Appropriations for review before any vote. The earlier, larger plan had drawn criticism over Nigeria's rising debt burden.

Separately, the President returned to Abuja late on Wednesday after performing Umrah in Saudi Arabia, BusinessDay reported, and is expected to lead his re-election campaign team to Port Harcourt, Rivers State.