President Bola Tinubu asks the House of Representatives to approve the external borrowing component of Nigeria’s 2026 budget. The request is contained in a letter to Speaker Tajudeen Abbas and is presented for legislative permission to implement the borrowing terms included in the 2026 Appropriation Act.
Across the reports, Tinubu’s letter says the external borrowing amounts to N10.79 trillion, which is estimated at about $7.71 billion using an exchange rate of N1,400 to the dollar. The request is linked to debt management legal provisions requiring National Assembly approval for external loans before implementation. Sources also indicate the government views the borrowing as part of a broader 2026 borrowing programme aimed at closing the federal financing gap.
Tinubu is also described as indicating the government will consider multiple funding routes, including multilateral and bilateral institutions, commercial lending, bridge financing, the IMF, and possible Eurobond issuance. However, outlets differ in detail, with one outlet providing more of the broader financing options and the context of how the proposal fits into the overall borrowing package.
