By Usman Addo

President Bola Tinubu has asked the National Assembly to approve fresh external borrowing of about $7.7 billion to part-finance the 2026 budget deficit, with the Senate President Godswill Akpabio saying the request “effectively supersedes an earlier borrowing proposal of $20.3 billion”.

Tinubu’s request, contained in a letter dated October 26, 2026, was read by Akpabio during Wednesday’s plenary.

The president is seeking approval for external borrowing of N10.79 trillion, equivalent to approximately $7.7 billion at the budget exchange rate of N1,409 to the dollar.

In the letter, Tinubu said the request was made pursuant to Sections 21(1) and 27(1) of the Debt Management Office Establishment Act, 2003.

Section 21(1) provides that no external loan shall be approved or obtained by the minister of finance unless its terms and conditions are presented to the national assembly and approved through a resolution.

Section 27(1) also empowers the national assembly to approve, by resolution, standard terms and conditions for negotiating and accepting external loans and issuing guarantees.

Tinubu said the 2026 Appropriation Act approved N29.2 trillion in new borrowing to finance a budget deficit of approximately N31.4 trillion.

The borrowing requirement comprises N18.4 trillion in domestic loans and N10.79 trillion in external financing, with the latest request covering the external component.

Reacting to the letter, Akpabio said it effectively superseded the earlier request for $20.3 billion because the new proposal is more explicit about how the government intends to raise the funds.

“I believe this letter effectively supersedes the earlier request for 20.3 billion US dollars because the present request is more explicit. It also recognises that the borrowing will not necessarily come from one source,” he said.

Akpabio said the government would have to explore available funding options and secure the most favourable terms.

“The government will have to explore the available options and secure the best possible terms under a willing-seller, willing-buyer arrangement,” he said.

The senate president referred the request to the committee on local and foreign debts to report back as soon as practicable.

According to the letter, the federal government plans to raise the $7.7 billion through one or a combination of funding options.

The proposed sources include concessional and commercial loans from multilateral and bilateral institutions, International Monetary Fund (IMF) facilities, bridge financing, direct borrowing from international financial institutions and eurobond issuance.

Tinubu said the options would be pursued simultaneously, taking into account their respective costs, benefits, and the time required to access the funds.

However, he said greater emphasis would be placed on eurobond issuance because it is generally faster to conclude and could raise larger amounts at relatively competitive costs.

“The final terms and conditions, including interest rates and tenures, will be determined at the time of pricing, depending on prevailing market conditions,” the president said.

He added that the federal ministry of finance and the Debt Management Office (DMO) would ensure that Nigeria secured the best possible terms.

Tinubu said the external borrowing would finance priority programmes and projects contained in the 2026 Appropriation Act.

The projects, he said, cover defence and security, transportation, agriculture, power, education and healthcare.

The president also said the borrowing is expected to support the country’s external reserves because the funds would be received by the Central Bank of Nigeria (CBN) on behalf of the federal government.

“This, in turn, is expected to support the stability of the naira,” he said.

Tinubu asked the national assembly to authorise the federal government to implement the N10.79 trillion external borrowing and approve the use of one or more of the identified funding sources, with greater emphasis on eurobond issuance.

He also urged the legislators to empower the minister of finance and coordinating minister of the economy to work with the DMO to implement the resolution.

He expressed the expectation that the senate would issue the necessary resolution in a timely manner

By Chidera Orji

The Transmission Company of Nigeria (TCN), Bauchi Region, has appealed to the Bauchi State Government to expedite land allocation for two proposed transmission substations in Alkaleri and Toro Local Government Areas (LGAs) of the state. The projects are expected to expand transmission capacity and improve bulk power supply across the state.

The Ag. General Manager (Transmission), Bauchi Region, Engr. Muhammed Bello Ahmed, made the appeal during a courtesy visit to the State Ministry of Land and Survey on Monday, November 2, 2026, emphasising the need for timely land allocation to facilitate project implementation.

He commended the state government for engaging host communities on the proposed projects and protecting critical transmission infrastructure through the enforcement of Right-of-Way (RoW) regulations, particularly the removal of illegal structures beneath high-voltage transmission lines.

In his response, the Permanent Secretary of the Ministry, Shuaibu Alhaji Mohammed, assured TCN of the state government’s support for the substation projects. He reaffirmed the Ministry’s commitment to facilitating the land allocation process and pledged to strengthen security around critical transmission facilities.

By Chinwo Aginta

Senator Tijjani Yahaya Kaura has won the All Progressives Congress primary for Zamfara North, securing the party’s ticket for the 2027 general election after a court nullified its earlier nomination process over reported irregularities.

Kaura polled 16,758 votes in Monday’s re-run, well ahead of Sahabi Alhaji Yau, who received 1,465 votes, and Sani Abdullahi Shinkafi, who scored 1,447, according to results announced by the party’s senatorial primary election committee.

The fresh election followed a Court of Appeal decision in Sokoto upholding a Federal High Court ruling in Gusau that invalidated the previous primary and ordered the APC to conduct another exercise.

The committee’s announcement brings an end to the court-ordered contest over the party’s nomination in the senatorial district, with Kaura emerging ahead of the two other aspirants.

Announcing the results, committee member Sani Abdullahi said Kaura secured the highest number of valid votes and fulfilled the requirements for nomination under the APC constitution and electoral guidelines.

The committee said 19,608 delegates were accredited from a register of 23,257, while 19,292 valid votes were recorded.

The result sheet was signed by the committee’s chairman and secretary on November 2, formally returning Kaura as the APC candidate for Zamfara North.