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President Bola Tinubu seeks Senate approval for a supplementary external borrowing plan of $20.52 billion and €1.05 billion for 2026–2027.
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The proposed loans are earmarked for infrastructure, power, transportation, healthcare, agriculture, education, security, and employment generation.
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Tinubu says the borrowing will help bridge Nigeria’s infrastructure financing gap and fund critical development projects across the 36 states and the Federal Capital Territory.
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Senate President Godswill Akpabio refers the request to the Senate Committee on Local and Foreign Debts and other relevant committees for further legislative consideration.
October 27, (THEWILL) – President Bola Tinubu has sought the Senate’s approval for a supplementary external borrowing plan of $20.52 billion and €1.05 billion for the 2026–2027 fiscal period to finance critical infrastructure and development projects across the country.
The request was contained in a letter addressed to Senate President Godswill Akpabio and read during plenary on Tuesday.
Tinubu said the proposed borrowing would be deployed to key sectors of the economy, including infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.
According to the President, the funds would help address Nigeria’s infrastructure deficit and bridge the financing gap required to implement critical development projects.
He said the projects and programmes covered by the borrowing plan were selected following technical and economic evaluations, with consideration given to their expected contributions to the country’s socioeconomic development.
“These initiatives aim to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child,” he said.
The President added that most of the projects and programmes would be implemented across the 36 states and the Federal Capital Territory (FCT).
Tinubu said substantial investment in infrastructure remained necessary to sustain economic growth and tackle longstanding development challenges.
“In light of the need for significant infrastructure investment in the country and the vast financial resources needed to address this gap, it has become essential to pursue prudent external borrowings to close the financing shortfall,” he said.
He identified power, transportation and healthcare as key sectors expected to benefit from the proposed financing, alongside other priority areas outlined in the borrowing plan.
Tinubu urged the Senate to give the request urgent consideration, saying approval would enable the Federal Government to meet its obligations to Nigerians through timely disbursement of funds and effective implementation of projects.
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Responding to the letter, Akpabio said the borrowing plan had featured in the Federal Government’s previously approved borrowing arrangements.
“The borrowing plan is attached, but of course, this was even earlier approved in our budget, and also the external borrowing plan was approved as far back as 2025 to 2027,” the Senate President said.
Akpabio subsequently referred the request to the Senate Committee on Local and Foreign Debts for further legislative consideration, in collaboration with the Committees on Appropriations and Finance.
The committees are expected to examine the proposal and provide further legislative input before the Senate takes a decision on the request.
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