Tinubu Seeks National Assembly Approval to Access ₦10.79 Trillion in Foreign Loans

President Bola Tinubu has written to the House of Representatives seeking approval to access ₦10.79 trillion in external loans to finance part of the Federal Government’s 2026 budget deficit.

The request, presented to lawmakers on Wednesday, covers approximately $7.71 billion calculated at the budget exchange rate of ₦1,400 to one dollar.

In his letter to the Speaker of the House of Representatives, Tajudeen Abbas, Tinubu explained that the proposed borrowing was already included in the 2026 Appropriation Act and required legislative approval before implementation.

According to the President, the government’s approved new borrowing plan for 2026 stands at ₦29.22 trillion, comprising ₦18.28 trillion in domestic borrowing and ₦10.79 trillion in external loans.

Tinubu stated that the funds would support projects and programmes in critical sectors, including defence, security, transportation, agriculture, electricity, education and healthcare.

He also disclosed that the government would explore different financing options, including loans from international financial institutions, bilateral partners, commercial lenders and Eurobond issuance.

Responding to the request, Speaker Abbas clarified that the President was not seeking approval for an entirely new borrowing plan. Rather, the request was for the National Assembly to approve the terms and conditions required to implement the external borrowing already captured in the 2026 budget.

The development comes amid growing public debate over Nigeria’s rising public debt, borrowing costs and the government’s ability to finance national development.

Nigerians will be watching how the National Assembly handles the request and how effectively any borrowed funds are utilised.

Source: Punch Newspapers, November 12, 2026.

AdamaPope feedback-opera-news-app@opera.com