2026 funds deficit: Tinubu seeks NASS approval to implement $7.8 billion borrowing plan

President Bola Ahmed Tinubu Wednesday requested the National Assembly to approve the implementation oc the 2026 exterior borrowing plan of N10.8 trillion (about $7.8 billion) as contained within the 2026 Appropriation Act.

The president in a letter addressed to the Speaker of the House of Representatives, Hon. Tajudeen Abbas, and dated October 26, 2026 acknowledged that it was to be partly utilized in funding the deficit  of about N29.218 trillion within the funds.

“This request is in line with the provisions of Section 21 of Section 1 and Section 27 of Section 1 of the Debt Management Office Establishment Act 2003,” he mentioned.

He continued that: “Section 21, subsection 1 of the DMO states that no exterior mortgage shall be authorized or obtained by the minister except its phrases and circumstances shall have been laid earlier than the National Assembly and authorized by its decision.

“While Section 27 of Section 1 states that the National Assembly might by a decision approve every so often commonplace phrases and circumstances for the negotiation and acceptance of exterior loans and issuance of ensures.

“The 2026 Appropriations Act authorized the sum of N29,218,558,849,872 as new borrowings to part-finance the 2026 funds deficit of 31.456 trillion the entire new borrowings of 29.218 trillion was additional subdivided into home borrowing of one among N18.42 a trillion a brand new exterior borrowing of N10.790 trillion, the matter is the topic of this request.

“All choices will likely be pursued concurrently, contemplating the prices and relative advantages to the nation and the time required to entry the funds.

“In view of this, emphasis will be on the issuance of Eurobonds, which is typically faster to conclude. Additionally, a larger amount can be raised through Eurobonds at a relatively lower cost. With respect to the terms and conditions of the Eurobonds issuance, the right of the speaker may note that because it is market-related, the final terms and conditions can only be determined at the time of pricing. They will all be subject to market conditions prevailing at that time.”