The request, equivalent to approximately N10.79tn at the budget exchange rate of N1,400 to the dollar, was conveyed in a letter read by Senate President Godswill Akpabio during Wednesday’s plenary.
In the letter dated October 26, 2026, Tinubu sought the National Assembly’s approval for the implementation of fresh external borrowing provisions contained in the 2026 Appropriation Act.
The President explained that the proposed external borrowing formed part of the N29.2tn new borrowing approved for the 2026 budget, comprising N18.4tn in domestic borrowing and N10.79tn from external sources.
He said the funds were needed to partially finance the budget deficit and support the execution of government projects and programmes outlined in the appropriation law.
According to the letter, the Federal Government intends to pursue multiple financing options simultaneously, with particular emphasis on Eurobond issuance.
Tinubu said Eurobonds were being considered because they could provide access to substantial funds within a relatively shorter period and potentially at lower borrowing costs.
He added that the Federal Ministry of Finance and the Debt Management Office (DMO) would work together to secure the most favourable terms and conditions for the country.
On the proposed utilisation of the funds, the President said the external borrowing would support critical projects and programmes across priority sectors, including defence and security, transportation, agriculture, power, education and healthcare.
He further stated that the proceeds would contribute to strengthening Nigeria’s external reserves and supporting the stability of the naira.
