ABUJA, Nigeria — President Bola Tinubu has written to the House of Representatives seeking statutory approval to implement ₦10.79 trillion in external borrowing approved in the 2026 Appropriation Act.
The letter was read on the floor of the House during plenary by the Speaker, Tajudeen Abbas. The House then referred the executive communication to the joint committee on Aids, Loans and Debt Management and Finance for further legislative action.
Tinubu said the request is intended to partially finance the 2026 budget deficit. The Appropriation Act provided for ₦29.2 trillion in new borrowing against a budget deficit of about ₦31.4 trillion. Of that, ₦18.4 trillion is to be borrowed domestically and ₦10.79 trillion externally.
The President put the external borrowing at about $7.70 billion at the budget exchange rate of ₦1,400 to the dollar. He said the funds would support projects in the Appropriation Act and help consolidate recent macroeconomic gains.
The external financing could come from several sources, including Eurobond issuance, concessional and commercial loans from multilateral and bilateral lenders, and facilities from the International Monetary Fund. Other options include bridge financing, loan syndications and direct borrowing from international financial institutions. Tinubu said Eurobonds would receive particular emphasis because they can be concluded more quickly, and that all options would be pursued at once, weighing cost, benefit and the time needed to access the funds.
The proceeds are targeted at capital projects across infrastructure, defence and security, agriculture, healthcare, power, transport and education.
Tinubu also asked the House to authorise the Minister of Finance and Coordinating Minister of the Economy, working with the Debt Management Office, to take the steps needed to implement the arrangement once it is approved. He urged prompt legislative clearance so that the executive can carry out the capital programmes in the 2026 budget.
