President Bola Tinubu has approached the House of Representatives for approval to raise $7.7 billion (N10.79 trillion) through external borrowing to finance part of the Federal Government’s 2026 budget deficit.
The request was conveyed to the lawmakers in a letter read by Speaker of the House, Abbas Tajudeen, during plenary.
Under the proposal, the Federal Government plans to access international financing sources, including the issuance of Eurobonds, to raise the required funds.
Tinubu explained that the proposed borrowing was already captured in the 2026 Appropriation Act, which provides for both domestic and external financing to bridge the budget deficit.
He said the funds would support the implementation of key projects and programmes outlined in the 2026 budget.
The President listed defence and security, transportation, agriculture, power, education and healthcare among the priority sectors expected to benefit from the external financing.
The request requires legislative approval before the Federal Government can proceed with the proposed borrowing.
