President Bola Tinubu has requested the Senate to approve the implementation of an external borrowing plan of $7.7 billion.
At an exchange rate of N1,400 to the dollar, the money amounts to about N10.79 trillion
The President said the funds are to part-finance the N20.2 trillion budget deficit.
The new request, according to the Senate President, replaces the $20.52 billion loan request presented last week.
The request has been referred to the Committee on Local and Foreign Debts for further legislative action.