President Bola Tinubu has approached the Senate for approval to secure additional external loans of $20.52bn and €1.05bn to finance infrastructure and other development projects under the Federal Government’s 2026–2027 Supplementary External Borrowing Plan.
The request was presented to the National Assembly in a letter read by Senate President Godswill Akpabio during Tuesday’s plenary.
In the correspondence, Tinubu appealed to lawmakers to grant the proposal accelerated consideration, citing the need to mobilise funds for projects in power, transportation, healthcare, agriculture, education, water supply, security, employment generation and public financial management.
The proposed facilities are valued at $20,517,755,901 and €1,045,083,643.
The President said the additional financing would help the government tackle Nigeria’s infrastructure deficit and address funding constraints affecting the execution of critical projects.
“I submit the attached Federal Government 2026–2027 Supplementary External Borrowing Plan for consideration and early approval of the National Assembly to ensure prompt implementation of our projects,” Tinubu said.
He explained that the projects captured in the borrowing plan had undergone technical and economic assessments to determine their potential contributions to national development.
According to him, the initiatives are expected to create employment opportunities, promote skills development and entrepreneurship, alleviate poverty and strengthen food security.
“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,” he added.
Tinubu further disclosed that most of the projects would be spread across the 36 states and the Federal Capital Territory.
He argued that the scale of investment required to address the country’s infrastructure challenges made additional external financing necessary.
“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,” the President stated.
He called on the Senate and the wider National Assembly to approve the proposal without delay, maintaining that early approval would enable the government to facilitate disbursements and accelerate implementation.
The request is, however, expected to undergo scrutiny by the relevant legislative committees, particularly regarding the relationship between the proposed facilities and existing government borrowing plans.
Responding after the letter was read, Akpabio suggested that the borrowing arrangement had featured in previous budgetary and external borrowing approvals.
He was, however, uncertain about the precise period covered by the earlier authorisation.
“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,” the Senate President said.
Akpabio subsequently announced that the request would be referred to the Senate Committee on Local and Foreign Debts for consideration, with possible contributions from the committees on Appropriations and Finance.
“However, this request will be looked at by the Committee on Local and Foreign Debts, probably in collaboration with Appropriations and Finance, but mainly by the Committee on Local and Foreign Debts,” he said.
He also referred to Senator Haruna Manu in connection with the committee’s leadership.
The committee’s review is expected to establish the details of the proposed financing and clarify how it relates to previously approved borrowing arrangements before further legislative action is taken.
The proposal comes as the Federal Government continues to seek funding for infrastructure expansion and development programmes intended to support economic growth and improve public services.
The Senate’s consideration of the request will be a critical step towards determining whether the proposed foreign loans receive legislative approval.
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