President Bola Tinubu has asked the House of Representatives to approve the N10.79 trillion external borrowing component of the 2026 budget to help finance the Federal Government’s deficit.

The request seeks approval to raise 7.71 billion dollars at the budget exchange rate of N1,400 to the dollar.

In a letter read during Wednesday’s plenary, Tinubu said the request complied with the Debt Management Office Establishment Act, 2003, which requires National Assembly approval for external loans.

He explained that the N10.79 trillion external borrowing forms part of the N29.22 trillion total borrowing approved under the 2026 Appropriation Act.

The approved borrowing comprises N18.28 trillion in domestic loans and N10.79 trillion in external loans.

Tinubu said the Federal Government would explore different borrowing options simultaneously, taking into account their costs and the time required to access the funds.