Tinubu Approaches Reps for Approval to Secure Fresh $7.7bn Foreign Loan

According to a report by Vanguard on 11 November 2026; President Bola Tinubu has approached the House of Representatives seeking approval to raise $7.7 billion (₦10.79 trillion) through external borrowing to fund projects contained in the 2026 national budget.

Tinubu made the request in a letter to the Speaker, Tajudeen Abbas, explaining that the proposed borrowing had already been captured in the 2026 Appropriation Act and was not a new loan request.

He said the approval was necessary to fulfil the requirements of the Debt Management Office Establishment Act, 2003, which mandates the National Assembly to approve the terms and conditions of external loans before they are obtained.

The President recalled that the 2026 budget provided for ₦29.218 trillion in new borrowing, consisting of ₦18.28 trillion in domestic loans and ₦10.79 trillion in external financing to cover the government’s budget deficit.

According to him, the Federal Government intends to explore different financing sources, including multilateral and bilateral institutions, commercial facilities and Eurobond issuance.

Tinubu disclosed that the government would give priority to Eurobond financing because of its potential to provide substantial funds within a shorter period and at relatively lower costs.

He listed security, transportation, agriculture, electricity, education and healthcare among the sectors expected to benefit from the external loans.

The President added that the funds would support ongoing macroeconomic reforms and contribute to strengthening Nigeria’s external reserves, as the proceeds would be received by the Central Bank of Nigeria on behalf of the Federal Government.

He urged the lawmakers to authorise the Finance Minister, in collaboration with the Debt Management Office, to take the necessary steps to secure the financing.

Tinubu also stressed that the request was distinct from another borrowing proposal already before the National Assembly, insisting that the two should be considered separately.

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