Tinubu seeks Senate approval for $20.52bn, €1.05bn external loans

President Bola Tinubu has asked the Senate to approve the Federal Government’s 2026–2027 Supplementary External Borrowing Plan, involving $20.52bn and €1.05bn, to finance infrastructure and development projects across the country

The request, which was transmitted to the National Assembly, was read by the President of the Senate, Senator Godswill Akpabio, during Tuesday’s plenary.

In the letter, Tinubu urged the lawmakers to give the borrowing plan early consideration and approval, saying the funds would support critical projects and programmes in infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.

The proposed borrowing amounts to $20,517,755,901 and €1,045,083,643, respectively.

The President said the external financing was necessary to address Nigeria’s infrastructure deficit and bridge the funding gap hampering the implementation of development projects.

He wrote, “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.”

Tinubu explained that the projects and programmes included in the plan had been selected following technical and economic evaluations, with emphasis on their expected contributions to the country’s socioeconomic development.

He said the initiatives were also intended to create jobs, promote skills acquisition and entrepreneurship, reduce poverty and strengthen food security.

“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.

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