President Bola Tinubu has asked the Nigerian Senate to approve a proposed external borrowing plan worth approximately $20.52 billion and €1.05 billion to finance projects under the Federal Government’s 2026–2027 supplementary borrowing programme.
The request was presented to lawmakers during Tuesday’s plenary by Senate President Godswill Akpabio, who said the proposed loans were intended to help address Nigeria’s infrastructure shortfall and support key sectors of the economy.
In a letter to the National Assembly, Tinubu sought approval for $20,517,755,901 and €1,045,083,643. The funds are expected to support projects covering electricity, transportation, healthcare, education, agriculture, water supply, national security, employment generation and improvements in financial management.
“I submit the attached Federal Government 2026–2027 Supplementary External Borrowing Plan for consideration and early approval of the National Assembly to ensure prompt implementation of our projects,” the President wrote.
Tinubu stated that the proposed projects had undergone technical and economic evaluations to assess their potential contributions to poverty reduction, skills acquisition, entrepreneurship and food security.
He also argued that external borrowing was necessary to meet the country’s substantial infrastructure financing requirements.
Following the presentation, Akpabio referred the proposal to the Senate Committee on Local and Foreign Debts, chaired by Senator Haruna Manu, for further examination. The committees on Appropriations and Finance are expected to assist with the review.
Akpabio observed that some elements of the borrowing framework had appeared in earlier government borrowing plans approved for the 2025–2027 period. However, he said the relevant committee would scrutinise the details and scope of the latest request before the Senate takes further legislative action.
The review is expected to examine the proposed loan arrangements, the schedule for disbursement and how the borrowing plan fits into Nigeria’s existing debt management framework. The Senate’s approval has not yet been established in the information provided.
