President Bola Tinubu has requested the House of Representatives’ approval to secure N10.79 trillion in foreign loans for Nigeria’s 2026 fiscal year.

The request, presented to lawmakers on Wednesday, covers external financing equivalent to $7.7 billion at the exchange rate of N1,400 to the dollar, according to TVC News.

The proposed foreign borrowing is part of a wider N29.2 trillion debt plan approved under the 2026 Appropriation Act to help finance a budget deficit estimated at N31.4 trillion. Domestic borrowing accounts for N18.4 trillion of the total.

The government plans to source the external funds through Eurobonds, loans from multilateral and bilateral institutions, International Monetary Fund facilities, syndicated loans and other international financing arrangements.

The funds are earmarked for capital projects in infrastructure, defence, security, agriculture, healthcare, power, transportation and education.

The President also requested authorisation for the Finance Minister and the Debt Management Office to handle the necessary arrangements for accessing the loans.

The House referred the request to its joint committee on Aids, Loans and Debt Management and Finance for consideration.