Tinubu Seeks Senate Approval for $20.52bn, €1.05bn External Borrowing Plan

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

The request was transmitted to the National Assembly and read by Senate President Godswill Akpabio during Tuesday’s plenary. Tinubu urged lawmakers to consider and approve the plan promptly to facilitate the implementation of the proposed projects.

The borrowing proposal amounts to $20,517,755,901 and €1,045,083,643. According to the President, the funds would support projects and programmes covering infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.

In his letter to the lawmakers, Tinubu said the proposed financing was intended to address Nigeria’s infrastructure deficit and close funding gaps that had slowed the implementation of development projects.

He explained that the projects included in the plan had undergone technical and economic evaluations, with priority given to initiatives expected to contribute to socioeconomic development.

“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,” the President said.

Tinubu added that most of the projects would be implemented across Nigeria’s 36 states and the Federal Capital Territory. He identified power, transportation and healthcare as key sectors expected to benefit from the proposed financing.

“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,” he stated.

The President called on the Senate leadership and the wider National Assembly to approve the plan promptly, arguing that timely approval would facilitate fund disbursement and accelerate project implementation.

However, the proposal is expected to undergo scrutiny by the relevant legislative committees, particularly regarding its scope and relationship with previous borrowing approvals.

Reacting after the letter was read, Akpabio said the borrowing plan appeared to have featured in earlier budgetary and external borrowing arrangements, although he expressed uncertainty about the precise period covered by the previous approval.

He said the request would be referred to the Senate Committee on Local and Foreign Debts, potentially working with the Committees on Appropriations and Finance.

The committee review is expected to examine the proposed financing arrangements before the Senate determines its next steps.

The request comes as the Federal Government seeks additional funding for infrastructure and other development programmes. The Senate’s consideration will determine whether the proposed external borrowing receives the necessary legislative approval.