President Bola Tinubu has asked the Senate to approve a proposed external borrowing plan of $20.52 billion and €1.05 billion to fund infrastructure and development projects across Nigeria.
The request, covering the Federal Government’s 2026–2027 Supplementary External Borrowing Plan, was read by Senate President Godswill Akpabio during plenary on Tuesday.
In his letter to the lawmakers, Tinubu urged the National Assembly to give the proposal prompt consideration and approval to facilitate the implementation of critical projects and programmes across the country.
The proposed borrowing amounts to $20,517,755,901 and €1,045,083,643, respectively.
The President said the funds would be deployed to key sectors, including infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.
He explained that the proposed external financing was intended to address Nigeria’s infrastructure deficit and bridge funding gaps affecting the execution of development projects.
“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 stated.
According to the President, the projects were selected following technical and economic assessments, with consideration given to their potential contributions to national economic growth and social development.
He added that the initiatives were designed to create employment opportunities, promote skills acquisition and entrepreneurship, reduce poverty and improve 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.
Tinubu noted that most of the proposed projects would be implemented across Nigeria’s 36 states and the Federal Capital Territory, reflecting the nationwide scope of the planned investments.
He maintained that the country’s extensive infrastructure needs had made additional financing necessary to bridge existing funding shortfalls.
“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,” the President said.
He further identified power, transportation and healthcare as priority sectors expected to benefit from the proposed financing.
The President urged the Senate leadership and other lawmakers to approve the plan without delay, arguing that timely approval would facilitate fund disbursement and accelerate project execution.
However, the proposal is expected to undergo legislative scrutiny, particularly regarding its scope and relationship with existing borrowing arrangements previously approved by the National Assembly.
Reacting after the letter was read, Akpabio recalled that the borrowing plan had featured in earlier budgetary and borrowing approvals, although he expressed uncertainty about the exact period covered by those 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, I think to 2028 or thereabout,” the Senate President said.
Akpabio subsequently announced that the request would be referred to the Senate Committee on Local and Foreign Debts for consideration, with possible collaboration from the Committees on Appropriations and Finance.
The committee’s review is expected to examine the proposed financing and determine its relationship with previously approved borrowing plans before the Senate takes further action.
