Photo: President Bola Tinubu during an official arrival ceremony in Brasilia, Brazil, in August 2025 — Ricardo Stuckert / PR via Wikimedia Commons
President Bola Tinubu has asked the House of Representatives to approve the implementation of the Federal Government's 10.79 trillion naira external borrowing plan contained in the 2026 Appropriation Act.
The request was conveyed in a letter read by Speaker Tajudeen Abbas during Wednesday's plenary. The amount is equivalent to $7.71 billion at the budget exchange rate of 1,400 naira to the dollar, and would part-finance the Federal Government's budget deficit.
- The request covers $7.71 billion, or 10.79 trillion naira, in external borrowing
- It is the external part of 29.22 trillion naira in new borrowing in the 2026 budget
- The Speaker says it is not a fresh borrowing plan, but approval of loan terms
What Tinubu's letter says
"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," the President stated.
Tinubu said the request complies with Sections 21(1) and 27(1) of the Debt Management Office (Establishment, etc.) Act, 2003, which require the terms and conditions of external loans to be laid before and approved by the National Assembly.
The President identified Eurobond issuance as a major financing option, citing its relatively faster processing time, while noting that final interest rates and repayment terms would depend on conditions in the international financial market when the facilities are priced. A similar request was presented to the Senate last week, superseding an earlier request for $20.52 billion and 1.045 billion euros under the 2026–2027 Supplementary External Borrowing Plan.
Why Abbas says this is not fresh borrowing
Responding, Speaker Abbas clarified that the President was not seeking approval for a fresh borrowing plan, stressing that the 10.79 trillion naira external borrowing had already been approved by the National Assembly and provided for in the 2026 Appropriation Act.
He said the current request concerns only the statutory authorisation required to implement borrowing already in the budget. Nigeria's 2026 budget provides for a deficit of about 31.5 trillion naira, with 29.22 trillion naira in new borrowing — 18.28 trillion naira domestic and 10.79 trillion naira external — identified as a major financing source.
What happens next
The House is expected to consider the request and approve the standard terms and conditions for negotiating and accepting the external loans, after which the Finance Minister and the Debt Management Office can proceed with implementation.
Credit: BusinessDay and The Sun reports of November 11, 2026. Follow @newstweetnaija on Instagram for the day's biggest stories.
