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

President Bola Tinubu has written to the House of Representatives, requesting approval for the implementation of a N10.79tn external borrowing component of the 2026 Appropriation Act to help address the federal government's budget deficit. The President argues that this borrowing plan, which comprises N18.28tn in domestic loans and N10.79tn in external borrowing, complies with Sections 21(1) and 27(1) of the Debt Management Office Establishment Act, 2003.

Tinubu emphasized that the government will pursue different borrowing options simultaneously, with a focus on Eurobond issuance, as a faster means of raising substantial funds at relatively lower costs.

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