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| President Bola Tinubu during a meeting with then US Secretary of State Antony Blinken in Abuja on 23 January 2024. File photograph. Chuck Kennedy / US Department of State. Public-domain US government photograph. |
Bola Tinubu has asked the National Assembly to approve approximately $7.7 billion in external borrowing to help finance the 2026 budget, replacing an earlier proposal for $20.5 billion and €1.05 billion.
Senate President Godswill Akpabio read the request during Wednesday’s plenary and referred it for committee scrutiny. Prime 9ja Online reports, citing Arise News’ review of the developments, that the revised submission sets out how the government intends to raise the money and the programmes it proposes to fund.
Tinubu said the 2026 Appropriation Act provided for about ₦29.2 trillion in new borrowing to partly finance a deficit of approximately ₦31.4 trillion. That borrowing provision comprises ₦18.4 trillion from domestic sources and ₦10.79 trillion in external financing.
The latest request covers the external component. The President identified defence and security, transport, agriculture, power, education and healthcare among the areas the borrowing would support.
The government plans to explore several funding channels, including multilateral and bilateral loans, commercial financing, International Monetary Fund facilities, bridge financing and Eurobond issuance.
Tinubu said the government would consider the costs, conditions and time needed to obtain funds through each option. He indicated that Eurobonds would receive particular attention because such transactions could be completed relatively quickly.
“The final terms and conditions, including interest rates and tenures, will be determined at the time of pricing, depending on prevailing market conditions,” he wrote.
The President also said the foreign-currency inflows would support external reserves because the Central Bank of Nigeria would receive the proceeds on the Federal Government’s behalf. He argued that this could contribute to naira stability.
The submission comes near the end of the fiscal year, prompting questions on ARISE News about the timing of the borrowing, the implementation of approved projects and the government’s ability to service additional debt.
The programme’s presenters called for a detailed account of the proposed expenditure and the benefits Nigerians should expect. They also questioned whether recurrent commitments and debt payments were leaving sufficient resources for infrastructure and public services.
Figures from the first-quarter budget report illustrate the revenue pressures behind that discussion. BusinessDay’s analysis put Federal Government revenue at ₦5.08 trillion against a quarterly target of ₦9.22 trillion, representing approximately 55 per cent of the projection.
The newspaper reported total expenditure of ₦9.76 trillion and debt-service payments of ₦4.63 trillion. Debt servicing therefore accounted for about 91 per cent of the revenue recorded during the period.
Separately, Tribune reported the Budget Office’s explanation that ministries, departments and agencies received no capital releases under the 2026 budget during the first quarter because implementation of the previous year’s capital budget continued. That explanation concerned MDAs’ releases under the new budget, rather than every category of federal capital spending.
The ARISE News panel urged the government to explain how additional oil earnings, tax reforms and borrowing were translating into completed projects and improved living conditions.
Tinubu, meanwhile, used a post on X to defend his administration’s education interventions, linking the student-loan programme to his experience financing his studies in the United States.
“When I first arrived in the United States as a young man, I drove a taxi to earn money for my education.”
He said he delayed starting school while saving money and later worked different jobs to support himself through university. According to the President, those experiences informed his determination to reduce the financial barriers facing Nigerian students.
Tinubu said the Nigerian Education Loan Fund, NELFUND, had provided more than ₦372 billion in loans for institutional fees and upkeep. He also highlighted university funding, technical education, medical training and measures intended to improve academic staff remuneration and reduce disruptions to study.
The President invited Nigerians to report failing services and projects in their communities, saying public feedback would help his administration identify and address problems, Arise News reported.
The debate over spending and public welfare coincided with campaign activities by opposition presidential candidates in Sokoto, Cross River and Abuja.
In Sokoto, the African Democratic Congress held its presidential campaign launch for Atiku Abubakar on Wednesday after disputes over accommodation, access to a venue and other preparations.
Party representatives in the ARISE News broadcast alleged that organisers had faced cancelled hotel arrangements and restrictions affecting transport and the rally venue. They said supporters nevertheless attended and that some visiting party figures used private accommodation.
The APC had earlier disputed claims that hotel reservations were intended to obstruct the opposition. Its Sokoto State secretary, Muhammad Bello Abdullahi, said the rooms were booked for guests attending a traditional title ceremony, according to Trust Radio’s report of the dispute.
Vanguard reported allegations that two ADC supporters suffered gunshot wounds en route to the rally; Sokoto police said they could not confirm the incident.
Atiku used the campaign launch to promise action on insecurity and the reopening of land borders for legitimate commerce. He also pledged to restore the petrol subsidy if elected.
“I will open all the land borders for our people to do legitimate business with our brothers across the border,” he said.
The ADC campaign council interpreted the reception for its candidate as evidence of dissatisfaction with Tinubu’s administration and support for its proposals to reduce living costs.
In a separate statement, the party urged Nigerians to draw lessons from the US midterm elections and use their votes to hold leaders accountable. Its national publicity secretary, Bolaji Abdullahi, argued that electoral power ultimately rested with citizens.
In Calabar, Nigeria Democratic Congress presidential candidate Peter Obi condemned an attack on his convoy and said intimidation would not deter his supporters from participating in the 2027 elections.
Police subsequently announced the arrest of a 27-year-old suspect, Victor Edet Yellow Duke, in connection with the incident around Watt Market Roundabout.
According to the police account, the convoy was travelling from the palace of the Obong of Calabar towards Metropolitan Hotel, where the party had organised a town hall meeting. Suspected attackers damaged vehicle windscreens before officers intervened.
Cross River Governor Bassey Otu condemned the violence and directed security agencies to identify those responsible, Arise News reported. The arrest remains part of an investigation and does not establish the suspect’s guilt.
The campaign incidents prompted calls on the ARISE News programme for security agencies to protect candidates and supporters impartially and ensure equal access to political activities.
“What we are calling for is a level playing field,” one presenter said.
In Abuja, Allied Peoples Movement presidential candidate and Oyo State Governor Seyi Makinde unveiled his Reset Nigeria programme, promising to connect economic reforms more directly to household welfare.
Makinde said government policies should reduce living costs, create opportunities and strengthen public institutions. His published programme covers the economy, security, education and governance, including infrastructure, intelligence coordination, learning outcomes and the devolution of responsibilities to states.
Speaking at the launch, he also advocated an absolute-majority requirement for presidential elections, arguing that candidates should need broader popular support before taking office.
Makinde described his proposed four-year administration as transitional and said he would not personally benefit from constitutional or political arrangements it produced.
The ARISE News presenters welcomed scrutiny of the political system but called for fuller implementation details, measurable commitments and explanations of how the proposals would work.
Separately, the Senate advanced a bill seeking enforceable timelines for emergency medical care, alongside penalties for wilful breaches.
Senator Abdulaziz Yar’Adua, who represents Katsina Central, sponsored the National Health Act Amendment Bill, which passed second reading on Wednesday.
The proposal would require emergency departments to assess patients within 15 minutes of arrival and begin stabilisation within 30 minutes. Life-saving intervention would start immediately once a life-threatening condition was identified.
The bill proposes a ₦300,000 fine, six months’ imprisonment or both for contraventions. It remains under legislative consideration.
During the debate, Senator Francis Faduyile cautioned against imposing criminal liability without addressing shortages of doctors, oxygen and emergency equipment. He questioned how an overstretched practitioner could manage simultaneous emergencies without adequate resources.
The Senate referred the proposal to its Committee on Health for further examination and a report within four weeks, according to New Telegraph’s account of the proceedings.