President Bola Tinubu has asked the House of Representatives to approve an external borrowing of ₦10.79 trillion, equivalent to approximately $7.7 billion, to finance part of Nigeria’s 2026 budget deficit.
The request was read on the floor of the House by Speaker Abbas Tajudeen, seeking legislative authorisation for the Federal Government to raise the funds through international financing options, including the issuance of Eurobonds.
According to the President, the proposed borrowing is already captured in the 2026 Appropriation Act, which provides for both domestic and external financing to support the national budget.
Loan To Support Key Sectors
Tinubu explained that the external loan would help fund projects and programmes outlined in the 2026 budget, particularly in critical sectors of the economy.
These include defence and security, transportation, agriculture, power, education and healthcare.
The proposed borrowing is expected to provide additional funding for the implementation of government programmes and infrastructure projects across the country.
However, the request will require approval from the National Assembly before the Federal Government can proceed with the proposed external financing.
The development comes as the government continues to explore funding options to address the budget deficit and meet its spending commitments for 2026.
