President Bola Tinubu has asked the House of Representatives to approve an external borrowing of N10.79 trillion, equivalent to $7.7 billion, to finance part of the 2026 budget deficit.
The request was conveyed in a letter read by the Speaker of the House of Representatives, Tajudeen Abbas, during plenary.
The President is seeking legislative authorisation to raise the funds through various international financing instruments, including the issuance of Eurobonds.
Tinubu said the proposed borrowing was already captured in the 2026 Appropriation Act, which provides for both domestic and external financing to meet the government’s budgetary obligations.
According to the President, the funds would support the implementation of critical projects and programmes outlined in the 2026 budget.
The proposed borrowing is expected to finance key sectors, including defence and security, transportation, agriculture, power, education and healthcare.
National Assembly Correspondent, Mitaire Ikpen, reports that the request now awaits consideration and approval by the House of Representatives.
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