Tinubu seeks Reps’ approval for N10.79tn foreign loan

President Bola Tinubu has sought the House of Representatives’ approval to implement N10.79 trillion ($7.71 billion) in external borrowing already included in the 2026 budget to finance critical projects and address the Federal Government’s budget deficit.

President Bola Tinubu has requested the House of Representatives’ approval to implement N10.79 trillion in external borrowing to finance part of Nigeria’s 2026 budget deficit.

According to The Punch, Tinubu’s letter, read during Wednesday’s plenary by Speaker Tajudeen Abbas, sought authorisation to raise $7.71 billion at N1,400 per dollar.

The President explained that the borrowing was already included in the 2026 Appropriation Act, forming part of N29.22 trillion in approved borrowing.

He said the government would explore multiple financing options, prioritising Eurobonds because of their faster processing.

“All options will be pursued simultaneously, considering the cost-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,” Tinubu said.

The funds will support defence, transportation, agriculture, power, education and healthcare projects.

Tinubu added that the borrowing would strengthen foreign reserves and support the naira, while the Finance Ministry and Debt Management Office would negotiate favourable terms.