Tinubu seeks Reps approval to implement N10.79tn external borrowing plan

President Bola Tinubu has written to the House of Representatives, seeking approval for the implementation of the N10.79tn external borrowing component of the 2026 Appropriation Act. The President requested the House's approval for the government to raise $7.71bn at the budget exchange rate of N1,400 to a dollar. Tinubu explained that the request was in compliance with Sections 21(1) and 27(1) of the Debt Management Office Establishment Act, 2003, which require the terms and conditions of external loans to be laid before and approved by the National Assembly.

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