Tinubu Seeks House Approval to Implement ₦10.79 Trillion External Borrowing
ABUJA — President Bola Tinubu has asked the House of Representatives for statutory authorisation to implement ₦10.79 trillion in external borrowing provided for in the 2026 Appropriation Act.
The presidential communication was read at plenary by Speaker Tajudeen Abbas on Wednesday. National Assembly records describe the amount as approximately $7.70 billion at the budget exchange rate of ₦1,400 to the dollar.
The request is not presented as a new borrowing plan outside the approved budget. House leadership said it concerns the legal authorisation needed to execute the external component already contained in the 2026 financing framework.
According to the communication, the 2026 budget authorised about ₦29.2 trillion in new borrowing to help finance a deficit of roughly ₦31.4 trillion. That framework includes approximately ₦18.4 trillion in domestic borrowing and ₦10.79 trillion in external financing.
The government says it may raise the external funds through Eurobonds, multilateral and bilateral facilities, commercial or concessional loans and other international financing windows. Any Eurobond issuance would still depend on market conditions and the final terms approved.
The Speaker referred the request to the House committees on Aids, Loans and Debt Management, and Finance for scrutiny. Approval is therefore not yet the same as actual disbursement, and the final cost will depend on interest rates, currency exposure, maturity periods and the projects financed.
Sources: National Assembly Library Trust Fund; Punch.
Featured image: illustrative finance photograph by Sunday Abegunde/Unsplash.
