President Bola Tinubu has sought the National Assembly’s approval to borrow $20.52bn and €1.05bn externally for infrastructure and other development projects under the Federal Government’s 2026–2027 Supplementary External Borrowing Plan.
Senate President Godswill Akpabio announced the request during Tuesday’s plenary after reading Tinubu’s letter to lawmakers.
The proposed financing comprises $20,517,755,901 and €1,045,083,643, with projects expected to cover power, transportation, healthcare, agriculture, education, water supply and security.
Tinubu said the loans would help address Nigeria’s infrastructure deficit and provide funding for projects that could not be adequately financed through existing resources.
He urged lawmakers to consider the proposal and grant early approval to enable the government to proceed with implementation.
The President said the projects were selected following technical and economic assessments, adding that they were designed to support economic development, create jobs, encourage entrepreneurship, improve skills acquisition and strengthen food security.
According to him, most of the proposed projects would be executed across Nigeria’s 36 states and the Federal Capital Territory.
Tinubu maintained that the country’s infrastructure needs required substantial investment, making external borrowing necessary to bridge existing funding gaps.
He said the funds would be channelled primarily into critical infrastructure, particularly in the power, transportation and healthcare sectors.
However, questions about previous borrowing approvals emerged after Akpabio said the plan appeared to overlap with earlier arrangements approved by the National Assembly.
The Senate President recalled that an external borrowing plan had previously received approval as part of budgetary and financing arrangements, although he was uncertain whether the period covered extended to 2028.
“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,” Akpabio said.
He said the new request would be examined by the Senate Committee on Local and Foreign Debts, working where necessary with the Committees on Appropriations and Finance.
Akpabio identified the Committee on Local and Foreign Debts as the principal committee responsible for reviewing the proposal.
The committee’s consideration is expected to establish the details of the proposed financing and its relationship with previously approved borrowing plans before further action by the Senate.
The request has not yet received Senate approval. Its consideration will determine whether the proposed external loans can proceed through the legislative process.
Kehinde Ayanboade
Kehinde Ayanboade is the Managing Editor and Publisher of Naija Metro News, with over eight years of experience covering Nigerian politics, crime, legislative proceedings and metropolitan affairs.
