Tinubu asks the Reps to approve ₦10.79 trillion in foreign borrowing — $7.7 billion, mostly Eurobonds
Photo: President Bola Tinubu signing a document · Source: Leadership (file photo, March 2026)
The President's letter, read by Speaker Tajudeen Abbas at plenary on Wednesday, asks the House to approve implementation of the ₦10.79 trillion external borrowing plan already in the 2026 Appropriation Act — not a new loan, the Presidency says.
Key points
- President Tinubu asked the House of Representatives to approve implementation of the ₦10.79 trillion external borrowing plan — about $7.707 billion at ₦1,400 to $1 — contained in the 2026 Appropriation Act.
- The Presidency clarified it is not a fresh borrowing proposal: the amount was already approved in the 2026 Appropriation Act, but statutory approval under the DMO Act is required before the terms can be implemented.
- The emphasis will be on Eurobond issuance, described as faster and relatively cheaper — and it lands the morning after Tinubu declared at the Lagos International Trade Fair that “the reform pains are over”.
President Bola Tinubu has asked the House of Representatives to approve the implementation of Nigeria's ₦10.79 trillion external borrowing plan — about $7.707 billion at the budget exchange rate of ₦1,400 to $1 — contained in the 2026 Appropriation Act. The letter was read by Speaker Tajudeen Abbas at plenary on Wednesday.
The borrowing is part of the ₦29.218 trillion financing requirement for the 2026 budget deficit — the rest is ₦18.28 trillion in domestic borrowing — to fund projects in defence and security, transportation, agriculture, electricity, education and healthcare.
The Presidency clarified it is not a fresh borrowing proposal: the amount was already approved in the 2026 Appropriation Act. But statutory approval under Sections 21(1) and 27(1) of the Debt Management Office Establishment Act 2003 is required before the terms can be implemented. The emphasis will be on Eurobond issuance, described as faster and relatively cheaper.
The President also sought authorisation for the Finance Minister, with the Debt Management Office, to take all steps to implement the arrangement, and said the proceeds would help strengthen external reserves and support the naira.
It lands the morning after Tinubu declared at the Lagos International Trade Fair that “the reform pains are over”, with reserves at $55.07 billion — an 18-year high — and inflation down to 14.63% in September. The question now is whether the House approves implementation, and how the debt-service debate runs.
Why this matters
₦10.79 trillion is a number that stops a scroll — and the “not new borrowing” clarification is itself the argument: routine implementation of an approved budget, or more debt by another name?
Latest developments
First published 12 Nov 2026, 08:43 WAT.
Related coverage on NewsFlux:
- The manifesto’s numbers are out — 6% growth, 78,000 recruits, 200,000 homes — and Tinubu calls subsidy-restoration promises 'lies' · 10 Nov 2026, 19:47 WAT
- “Ba ma yi, ba ma so” — Tinubu booed at Abuja mosque; Presidency denies convoy stoning · 14 Nov 2026, 08:20 WAT
- “Only Nigeria's speech was cut out” — Fani-Kayode accuses South African Presidency of deliberate snub; Pretoria fires back · 14 Nov 2026, 08:20 WAT
Sources
- Leadership — Tinubu seeks Reps approval to implement ₦10.79trn external borrowing plan (12 Nov 2026)
- Sahelian Times — Tinubu seeks House of Representatives approval for ₦10.79 trillion external borrowing plan
- Great Achiever Magazine — Tinubu seeks Reps approval for $7.7bn loan
- New Telegraph — LITF: Tinubu declares reform pains over, Nigeria turning stability to prosperity
Present the ₦10.79trn as implementation of borrowing already provided for in the 2026 Appropriation Act, per the Presidency — do NOT present it as a brand-new loan request. The $7.707bn figure uses the ₦1,400/$1 budget rate. LITF 'reform pains over' is Tinubu's claim, with reserves $55.07bn and inflation 14.63% as reported.