President Bola Ahmed Tinubu has asked the Nigerian Senate to approve a proposed external borrowing plan worth $20.52 billion and €1.05 billion to finance infrastructure and development projects across the country.
The request was transmitted to the National Assembly and read by Senate President Godswill Akpabio during Tuesday’s plenary session.
The proposed 2026–2027 Supplementary External Borrowing Plan comprises $20,517,755,901 and €1,045,083,643, with the funds expected to support projects across several critical sectors of the economy.
According to the President, the proposed loans would finance initiatives in power, transportation, healthcare, agriculture, education, water supply, security, employment generation and public financial management.
Tinubu explained that additional external financing was necessary to address Nigeria’s infrastructure deficit and bridge funding gaps affecting the implementation of key development programmes.
In his letter to the lawmakers, the President urged the National Assembly to consider and approve the borrowing plan promptly to enable the release of funds and speed up project implementation.
He said the projects had undergone technical and economic assessments and were selected based on their expected contributions to Nigeria’s socioeconomic development.
The President added that the initiatives were expected to generate employment, promote skills acquisition and entrepreneurship, reduce poverty and strengthen food security.
He further stated that most of the projects would be implemented across Nigeria’s 36 states and the Federal Capital Territory.
However, the borrowing proposal will undergo scrutiny by relevant Senate committees, particularly the Committee on Local and Foreign Debts, before the Senate determines its next course of action.
Akpabio disclosed that the borrowing plan had featured in previous budgetary and borrowing arrangements, although he expressed uncertainty about the exact period covered by earlier approvals.
He said the debt committee could work alongside the committees on Appropriations and Finance to examine the proposal.
The review is expected to clarify the scope of the proposed loans and their relationship with previously approved borrowing arrangements.
The request comes as the Federal Government seeks additional funding to tackle infrastructure challenges and improve public services nationwide.
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