Tinubu seeks Reps’ nod for $7.7bn, €1.045bn external loans
President Bola Tinubu has asked the House of Representatives to approve a new external borrowing plan of $7.7 billion and €1.045 billion to finance the 2026 budget deficit.
The request, which translates to about N10.79tn at the budget exchange rate of N1,400 to the dollar, was conveyed in a letter read by the Speaker of the House of Representatives, Tajudeen Abbas, during Wednesday’s plenary.
In the letter dated October 26, 2026, Tinubu requested the National Assembly’s approval for the Federal Government to implement new external borrowings provided for in the 2026 Appropriation Act.
The President said the borrowing was part of the N29.2tn approved new borrowing for the 2026 budget, comprising N18.4tn in domestic borrowing and N10.79tn in external borrowing.
He said the external financing was required to part-finance the budget deficit and support the implementation of projects and programmes captured in the 2026 Appropriation Act.
He added that the Federal Ministry of Finance and the Debt Management Office would ensure that Nigeria secured the best possible terms and conditions.
Explaining the intended use of the funds, the President said the borrowing would support projects in priority sectors, including defence and security, transportation, agriculture, power, education and health.
He also said the proceeds would help strengthen the country’s external reserves and support the naira.
The proceeds will increase accretion to external reserves since they will be received by the Central Bank of Nigeria on behalf of the Federal Government of Nigeria, thereby supporting the Naira exchange rate,” he said.
After reading the letter, the Speaker said he believes the latest request cancels the earlier $20.52bn and €1.045bn external borrowing request previously sent to the House for legislative action.
Recall that Tinubu had last week asked the Senate and the House of Representatives to approve external borrowing facilities totalling $20.52bn and €1.045bn under the Federal Government’s 2026–2027 Supplementary External Borrowing Rolling Plan.