Tinubu Wants To Borrow 7.7 Billion Dollars Abroad, Mostly Through Eurobonds
Abuja · Thursday 12 November 2026
President Bola Tinubu has asked the National Assembly to approve external borrowing of about $7.7 billion, roughly 10.79 trillion naira, to help finance the 2026 budget deficit. His letter says the emphasis will be on issuing Eurobonds.
The numbers
| Item | Figure |
|---|---|
| New request | About $7.7bn |
| In naira | About ₦10.79 trillion |
| Preferred instrument | Eurobonds |
| Earlier request it replaces | $20.5bn and €1.05bn |
The external portion sits alongside a larger planned domestic borrowing for 2026.
Borrowing to build can pay for itself. Borrowing to plug a deficit just moves the bill to the next government.
What the Assembly should ask
What the money will fund, project by project, and how much of the 2025 capital budget, which has been extended to December, is still unspent. Approving new borrowing while old allocations sit unused is the question lawmakers owe voters an answer to, two months before an election.
Reporting: Channels Television, Business News Nigeria, LEADERSHIP and Blueprint.
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