Jane Salihu
President Bola Tinubu has asked the Senate to approve a supplementary external borrowing plan of $20.52 billion and €1.05 billion for 2026–2027, with the funds expected to finance infrastructure and development projects across the country.
The request was contained in a letter addressed to Senate President Godswill Akpabio and read during plenary on Tuesday.
Tinubu said the proposed loans would support critical sectors, including power, transportation, agriculture, healthcare, education, water supply and security, while also promoting employment generation and financial management reforms.
He explained that the borrowing plan was designed to address Nigeria’s infrastructure deficit and bridge the funding gap hindering the implementation of essential development programmes.
According to the President, the projects were selected after technical and economic assessments to determine their potential contributions to the country’s socioeconomic development.
He added that the initiatives were expected to create jobs, promote skills acquisition, encourage entrepreneurship, reduce poverty and strengthen food security, thereby improving the livelihoods of Nigerians.
Tinubu disclosed that most of the projects would be implemented across the 36 states and the Federal Capital Territory.
He argued that substantial investment in infrastructure remained necessary to stimulate economic growth and tackle longstanding development challenges, noting that external borrowing had become essential to bridge the financing shortfall.
The President said the funds would be channelled primarily into critical infrastructure, particularly in the power, transportation and healthcare sectors.
He urged the Senate to give the proposal urgent consideration, saying approval would enable the Federal Government to meet its obligations to Nigerians through timely fund disbursement and effective project implementation.
Responding, Akpabio said the borrowing plan had featured in the Federal Government’s previously approved borrowing arrangements.
He subsequently referred the request to the Senate Committee on Local and Foreign Debts for further legislative consideration, in collaboration with the Committees on Appropriations and Finance.
Akpabio noted that the external borrowing plan had been approved as far back as 2025, adding that the latest request would undergo further legislative scrutiny.Other unique headline options:
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