The President made the request in a letter addressed to the Speaker of the House, Tajudeen Abbas, which was read during Wednesday’s plenary.
In the letter, Tinubu asked lawmakers to approve the government’s plan to raise $7.71bn, based on the 2026 budget exchange rate of N1,400 to the dollar.
He said the request was in line with Sections 21(1) and 27(1) of the Debt Management Office Establishment Act, 2003, which require the terms and conditions of external borrowing to be presented to and approved by the National Assembly.
The President explained that the proposed borrowing was already captured in the 2026 Appropriation Act as part of the N29.22tn approved new borrowing to finance the country’s budget deficit.
According to him, the total borrowing comprises N18.28tn in domestic loans and N10.79tn in external loans.
“I write to request for the permission of the House of Representatives to implement the new external borrowing plan contained in the 2026 Appropriation Act in the sum of N10,790,366,835,481, which is equivalent to $7,707,404,882.49 at the budget exchange rate of $1 to N1,400, for the part financing of the budget deficit,” he stated.
Tinubu said the government would explore different financing options simultaneously, taking into account the cost of borrowing and the time required to secure the funds.
He, however, indicated that priority would be given to Eurobond issuance, which he described as a relatively faster option for raising substantial funds at competitive costs.
“All options will be pursued simultaneously considering the cost of benefit to the country as well as the time required to access the funds. In view of this, emphasis will be on the issuance of Eurobonds which is typically faster to conclude,” the President said.
He added that the final terms and conditions of the proposed Eurobond issuance would be determined by prevailing market conditions at the time of pricing.
The President assured lawmakers that the Federal Ministry of Finance and the Debt Management Office would work towards securing the most favourable borrowing terms available in the international market.
Tinubu further explained that the proposed external loans would be used to finance projects and programmes captured in the 2026 budget, particularly in critical sectors such as defence and security, transportation, agriculture, power, education and healthcare.
