Tinubu external loans request seeks Senate approval for $20.52bn and €1.05bn to finance infrastructure and development projects across Nigeria
President Bola Tinubu has asked the Senate to approve the Federal Government’s 2026–2027 Supplementary External Borrowing Plan, which proposes loans of $20.52bn and €1.05bn to finance infrastructure and development projects across Nigeria.
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The request was transmitted to the National Assembly and read by Senate President Godswill Akpabio during plenary on Tuesday.
In the letter, Tinubu urged lawmakers to consider and approve the plan promptly, saying the proposed financing would support projects in infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.
The proposed borrowing comprises $20,517,755,901 and €1,045,083,643.
Tinubu said the external financing was needed to address Nigeria’s infrastructure deficit and close funding gaps that have slowed the implementation of development 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,” the President wrote.
He said the projects had been selected following technical and economic evaluations, with priority given to their expected contributions to Nigeria’s socioeconomic development.
According to the President, the initiatives are also intended to create jobs, promote skills acquisition and entrepreneurship, reduce 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 said.
Tinubu added that most of the projects would be implemented across Nigeria’s 36 states and the Federal Capital Territory, highlighting the nationwide scope of the proposed investments.
He argued that the scale of the country’s infrastructure needs made additional financing necessary, describing external borrowing as a means of bridging the funding shortfall.
“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 said the funds would primarily support critical infrastructure, particularly in the power, transportation and healthcare sectors.
He urged the Senate leadership and the wider National Assembly to approve the plan quickly, arguing that timely approval would facilitate disbursements and accelerate project implementation.
However, the proposal is expected to undergo scrutiny by the relevant Senate committees, including an examination of its scope and relationship with existing borrowing arrangements.
Reacting after the letter was read, Akpabio said the borrowing plan had featured in previous government borrowing and budgetary arrangements, although he expressed uncertainty about the exact period covered by an earlier approval.
“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 said the request would be referred to the Senate Committee on Local and Foreign Debts for consideration, potentially in collaboration with 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 examine the details of the proposed financing and determine how it relates to previously approved borrowing plans before the Senate decides on the next legislative steps.
The request comes as the Federal Government seeks additional resources to fund infrastructure and public-service programmes aimed at supporting economic growth and addressing longstanding development challenges.
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The Senate’s consideration will be a key stage in determining whether the proposed external borrowing receives the required legislative approval.
