Tinubu Seeks NASS Approval for $20.5bn, €1.05bn External Loans
President Bola Tinubu has asked the National Assembly to approve a fresh external borrowing plan worth $20.52 billion and €1.05 billion to finance infrastructure and social development projects across Nigeria.
In a letter to Senate President Godswill Akpabio, read during plenary on Tuesday, Tinubu sought the early approval of the Federal Government’s 2026–2027 Supplementary External Borrowing Plan to ensure the timely implementation of the proposed projects.
The President said the borrowing plan covers key sectors, including infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.
According to Tinubu, the total proposed facility amounts to $20,517,755,901 and €1,045,083,643.
“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,” he wrote.
He explained that the projects were selected after thorough technical and economic assessments to determine their contributions to socio-economic development.
Tinubu added that the initiatives were designed to create jobs, promote skills acquisition and entrepreneurship, reduce poverty and improve food security.
He noted that most of the projects would be implemented across Nigeria’s 36 states and the Federal Capital Territory.
The President also said external borrowing was necessary to address financing gaps and bridge major infrastructure deficits, particularly in the power, transportation and healthcare sectors.
Reacting after reading the letter, Akpabio said the borrowing plan had featured in previous borrowing arrangements but would still undergo legislative scrutiny.
He noted that aspects of the external borrowing plan had previously received approval as part of earlier budgetary and borrowing arrangements.
Akpabio subsequently referred the request to the Senate Committee on Local and Foreign Debts, in collaboration with the Committees on Appropriations and Finance.
The committees were directed to submit their report within one week.
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