Tinubu seeks Reps approval to implement N10.79tn external borrowing plan

Résumé détaillé

President Bola Tinubu has asked the House of Representatives to approve the implementation of the N10.79tn external borrowing plan in the 2026 budget. Read More:…

President Bola Tinubu has written to the House of Representatives, seeking approval to implement the N10.79tn external borrowing component of the 2026 Appropriation Act to finance part of the federal government’s budget deficit.

The President, in a letter addressed to the Speaker of the House, Tajudeen Abbas and read during Wednesday’s plenary, requested the House’s approval for the government to raise $7.71bn at the budget exchange rate of N1,400 to a dollar.

Tinubu explained that the request was in compliance with Sections 21(1) and 27(1) of the Debt Management Office Establishment Act, 2003, which require the terms and conditions of external loans to be laid before and approved by the National Assembly.

He said the proposed borrowing was already captured in the 2026 Appropriation Act and formed part of the N29.22tn approved new borrowing to finance the federal government’s budget deficit.

According to the President, the approved borrowing comprises N18.28tn in domestic loans and N10.79tn in external borrowing.

“I write to request for the permission of the House of Representatives to implement the new external borrowing plan contained in the 2026 Appropriation Act in the sum of N10,790,366,835,481, which is equivalent to $7,707,404,882.49 at the budget exchange rate of $1 to N1,400, for the part financing of the budget deficit,” he stated.

Tinubu said the government would pursue different borrowing options simultaneously, taking into consideration the cost of borrowing and the time required to access the funds.

He, however, indicated that greater emphasis would be placed on Eurobond issuance, which he described as a faster means of raising substantial funds at relatively lower costs.

“All options will be pursued simultaneously considering the cost of benefit to the country as well as the time required to access the funds. In view of this, emphasis will be on the issuance of Eurobonds which is typically faster to conclude,” the president said.

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