Tinubu Requests NASS Approval for $7.8 Billion Loan

On October 26, 2026, President Bola Ahmed Tinubu submitted a request to the National Assembly for approval of a $7.8 billion external borrowing plan, amounting to N10.8 trillion, as part of the 2026 Appropriation Act. This borrowing is intended to help finance a budget deficit of about N29.218 trillion.

In his letter to Tajudeen Abbas (Rep, Zaria), the Speaker of the House of Representatives, Tinubu referenced the Debt Management Office Establishment Act 2003, specifically Section 21 and Section 27, which outline the requirements for obtaining external loans. The 2026 Appropriations Act has authorized new borrowings of N29,218,558,849,872 to address a total budget deficit of N31.456 trillion, with N10.790 trillion designated for external borrowing.

Tinubu indicated that the government would explore various options for borrowing, emphasizing the issuance of Eurobonds due to their quicker processing time and lower costs, with final terms dependent on market conditions.