By Ikugbadi Oluwasegun
President Bola Tinubu has asked the House of Representatives to approve an external borrowing of 10.79 trillion naira, equivalent to 7.7 billion dollars, to finance part of the 2026 budget deficit.
The request, read on the floor of the House by Speaker Abbas Tajudeen, seeks authorisation for the federal government to raise the funds through international financing options, including the issuance of Eurobonds.
President Tinubu says the proposed borrowing is already captured in the 2026 Appropriation Act, which provides for both domestic and external financing.
He explains that the external borrowing will support the implementation of projects and programmes under the 2026 budget, particularly in defence and security, transportation, agriculture, power, education and healthcare.
