Tinubu seeks Reps’ nod to access N10.79tn external loans

President Bola Tinubu has sought approval from the House of Representatives to implement the external borrowing component of the 2026 Appropriation Act, as outlined in the N10.79tn external loans allocation. In a letter to the House speaker, Tajudeen Abbas, Tinubu explained that the request complied with regulations under the Debt Management Office Establishment Act, 2003.

The President requested the House's approval for the $7.71bn borrowing at the budget exchange rate of N1,400 to a dollar, which was already included in the 2026 Appropriation Act and formed part of the N29.22tn approved new borrowing. Tinubu emphasized that the government would pursue different borrowing options simultaneously, with a greater emphasis on Eurobond issuance, which he considered a faster means of raising substantial funds at relatively lower costs.

The President assured that the Federal Ministry of Finance and the Debt Management Office would work to secure the most favorable borrowing terms available in the international market. The external loans would finance projects and programmes under the 2026 budget, particularly in critical sectors such as defence and security, transportation, agriculture, power, education, and health.