President Bola Tinubu has asked the Senate to approve an external borrowing plan of $20.52 billion and €1.05 billion under the Federal Government’s 2026–2027 supplementary borrowing framework.
The request was presented during plenary on Tuesday by Senate President Godswill Akpabio, who said the proposed loans would help address Nigeria’s infrastructure deficit and finance critical sectors of the economy.
In his letter to the National Assembly, Tinubu sought approval for $20,517,755,901 and €1,045,083,643 to support projects across power, transportation, healthcare, education, agriculture, water supply, security, job creation and financial management reforms.
“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 said the proposed projects had undergone technical and economic assessments to determine their potential contributions to poverty reduction, skills development, entrepreneurship and national food security.
He explained that external borrowing had become necessary to address the country’s substantial infrastructure financing requirements.
Following the presentation, Akpabio referred the request to the Senate Committee on Local and Foreign Debts, chaired by Senator Haruna Manu, for detailed consideration.
The committees on Appropriations and Finance are also expected to support the review process.
Akpabio noted that some elements of the borrowing framework had featured in earlier government borrowing plans approved for 2025–2027. However, he said the relevant committee would examine the scope and details of the latest proposal before further legislative action.
The committee’s review is expected to clarify the proposed borrowing arrangements, disbursement schedule and consistency with Nigeria’s existing debt management framework.
The request will require legislative consideration before the proposed external borrowing can proceed through the approval process.
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