By: ABC News Nigeria
President Bola Tinubu has approached the House of Representatives, seeking legislative approval for the implementation of fresh external borrowing estimated at ₦10.8 trillion under the 2026 Appropriations Act.
The request, which was formally communicated to members of the Green Chamber, seeks the lawmakers’ approval to proceed with the foreign loan component captured in the 2026 national budget.
The proposed borrowing is expected to form part of the Federal Government’s financing arrangements for the implementation of the approved budget.
Tinubu’s letter to the House places the proposed ₦10.8 trillion external loan before lawmakers for consideration and approval, in line with the constitutional and legislative requirements governing government borrowing.
The request is coming amid growing national attention on Nigeria’s rising debt profile, the cost of debt servicing and the Federal Government’s reliance on borrowing to finance budgetary commitments.
The House of Representatives is expected to examine the presidential request before taking a decision on the proposed loan implementation.
The development marks another major step in the Tinubu administration’s efforts to secure external financing for the execution of its 2026 fiscal programme.
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