President Bola Tinubu has asked the Senate to approve external loans of $20.52 billion and €1.045 billion to fund projects under the Federal Government’s 2026–2027 supplementary external borrowing plan.

Senate President Godswill Akpabio read the President’s request in a letter during plenary on Tuesday.

According to the letter, the proposed borrowing is intended to address Nigeria’s infrastructure deficit and fill funding gaps across key socio-economic sectors.

FG Targets Infrastructure, Key Sectors

Tinubu said the funds would support investments in power, transportation, healthcare, education, agriculture, water supply, security, job creation and financial management reforms.

He asked the National Assembly to consider and approve the borrowing plan promptly to ensure the timely implementation of the proposed projects.

The President also said the projects had undergone technical and economic evaluations to maximise their impact on poverty reduction, skills acquisition, entrepreneurship and national food security.

He added that external borrowing had become necessary because of the significant financial resources required to address the country’s infrastructure needs.

Akpabio Refers Request to Senate Committee

Following the presentation of the letter, Akpabio said aspects of the borrowing framework had featured in earlier government borrowing plans.

He referred the request to the Senate Committee on Local and Foreign Debts, chaired by Senator Haruna Manu, for detailed review.

The committee is expected to work with the Senate Committees on Appropriations and Finance to examine the proposal and clarify its scope.

Akpabio said the external borrowing plan had previously been considered as part of the government’s broader budget and borrowing framework for 2025 to 2027.

He said the committee would review the request before the Senate takes further action.