President Bola Tinubu has approached the Senate for approval to secure external loans worth approximately $20.52 billion and €1.045 billion under the federal government’s 2026–2027 supplementary borrowing plan.
Key Highlights
- Tinubu seeks Senate approval for $20.52bn and €1.045bn in fresh external loans.
- The request falls under the FG’s 2026–2027 supplementary borrowing plan.
- The loans target electricity, transport, health, education, agriculture, water and security.
- Akpabio referred the request to the Senate Committee on Local and Foreign Debts.
- Final legislative action awaits the committee’s review.
The request was presented to lawmakers on Tuesday through a letter read by Senate President Godswill Akpabio during plenary.
In the letter, Tinubu proposed borrowing $20,517,755,901 and €1,045,083,643 to address Nigeria’s infrastructure challenges and provide funding for key sectors of the economy.
The proposed investments cover electricity, transportation, healthcare, education, agriculture, water supply, security, job creation and financial management reforms.
The president urged the National Assembly to consider the borrowing plan and grant approval to facilitate the timely implementation of the projects.
He explained that the proposed projects have undergone technical and economic assessments to ensure they contribute to poverty reduction, skills development, entrepreneurship and improved national food security.
Tinubu maintained that the scale of Nigeria’s infrastructure deficit requires substantial financial investment, making external borrowing necessary to bridge existing funding gaps.
Akpabio Refers Request To Debts Committee
Following the presentation, Akpabio disclosed that elements of the borrowing proposal have featured in previous government borrowing frameworks.
He subsequently referred the request to the Senate Committee on Local and Foreign Debts, chaired by Senator Haruna Manu, for detailed examination.
The committee is expected to collaborate with the Senate Committees on Appropriations and Finance to scrutinise the proposal and clarify its scope before further legislative action.
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Akpabio noted that the borrowing framework has previously been included in government budget and external borrowing plans covering the 2025–2027 period.
He, however, maintained that the latest request would undergo further review by the relevant committee before the Senate decides on the next steps.
The review is expected to assess the proposed loans against Nigeria’s existing debt management framework and the funding requirements of the projects identified by the Federal Government.
The request is now before the Senate committee, with final legislative action pending the outcome of its examination.
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