President Bola Tinubu has asked the Senate to approve fresh foreign loans worth $20.51 billion and €1.45 billion under the Federal Government’s 2026–2027 supplementary borrowing plan.
Senate President Godswill Akpabio presented the request by reading Tinubu’s letter during plenary on Tuesday. The funds are meant to tackle Nigeria’s infrastructure shortage and fill funding gaps in key sectors.
The proposed investments cover electricity, transport, healthcare, education, agriculture, water supply, security, job creation and financial management reforms.
“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,” President Tinubu wrote.
Tinubu said the projects had undergone technical and economic assessments to ensure they support poverty reduction, skills training, entrepreneurship and national food security.
“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 added.
Akpabio said parts of the borrowing plan had featured in earlier government borrowing proposals. He referred the request to the Senate Committee on Local and Foreign Debts, chaired by Senator Haruna Manu, for review, with support from the Appropriations and Finance committees.
“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,” Akpabio stated.
“However, this request will be looked at by the Committee on Local and Foreign Debts… to clarify the scope before further action.”
The review is expected to clarify disbursement timelines and assess how the request fits into Nigeria’s existing debt management framework.
