Tinubu seeks Reps’ approval to implement N10.79 trn external borrowing plan in 2026 budget
Abuja, Nov. 2026 – President Bola Tinubu is seeking the approval of the House of Representatives to implement the N10.79 trillion external borrowing component of the 2026 Appropriation Act.
He made the request in a letter read by the Speaker at the plenary on Wednesday.
The president said the loan had already been approved by the National Assembly adding that the request to the House was essential under the Debt Management Office (DMO) Establishment Act, 2003.
He recalled ed that the 2026 federal budget provided for N29.218 trillion in new borrowings to finance part of the budget deficit, out of which N18.28 trillion was earmarked for domestic borrowing, while N10.79 trillion was for external financing.
Tinubu said the government would place emphasis on Eurobond issuance, which he said, is comparatively faster financing option capable of raising substantial funds at relatively lower costs.
He promised that the federal ministry of finance and the debt management office would work to secure the most favourable terms available to the country.
