Tinubu seeks approval for 10.79 trillion naira in external loans
By the AFREEQUE newsroom, based on Punch
Nigerian President Bola Tinubu is asking the House of Representatives to authorise 10.79 trillion naira in new external borrowing. The amount, equivalent to $7.71 billion at the budget rate of 1,400 naira per dollar, completes a 29.22 trillion-naira programme to finance the federal deficit, according to Punch.
Nigerian President Bola Tinubu on Wednesday 11 November asked the House of Representatives to authorise 10,790,366,835,481 naira in external borrowing provided for in the 2026 federal budget, according to Punch. The amount is equivalent to $7.71 billion at the budget rate of 1,400 naira to the dollar and is intended to help finance the federal budget deficit.
In a letter read at a plenary session by the Speaker of the House of Representatives, Tajudeen Abbas, Bola Tinubu said the borrowing was already included in the 2026 Finance Act. The approved new borrowing programme amounts to 29.22 trillion naira, comprising 18.28 trillion naira in domestic financing and 10.79 trillion naira in external financing, according to the president.
Bola Tinubu asked for several borrowing options to be pursued simultaneously, taking into account their cost and the time required to access the funds. He said, however, that the government would prioritise the issuance of eurobonds, considered faster for raising large amounts at relatively low costs. The external funds are to finance projects and programmes in the 2026 budget, notably in defence and security, transport, agriculture and electricity, according to Punch.
The request follows that for 20.52 billion dollars and 1.045 billion euros in external borrowing, published on 27 October.
