Proposed Borrowing Targets Infrastructure, Healthcare, Education, Agriculture and Security Projects
President Bola Ahmed Tinubu has asked the National Assembly to approve external loans totalling $20.5 billion and €1.4 billion to finance development projects under Nigeria’s proposed 2026–2027 borrowing plan.
The requests were presented to lawmakers as the National Assembly resumed plenary on Tuesday, with Senate President Godswill Akpabio announcing the President’s proposals.
According to the President, the proposed borrowing is intended to address infrastructure gaps and support economic development across key sectors, including electricity, transportation, agriculture, healthcare, education, water supply and security.
Tinubu explained that the projects were selected based on technical and economic assessments and are expected to generate employment, promote skills acquisition and entrepreneurship, reduce poverty and strengthen food security.
The proposed projects are expected to be implemented across the states and the Federal Capital Territory.
SENATE COMMITTEE TO REVIEW LOAN REQUEST
The borrowing proposal will undergo legislative scrutiny, with the Senate Committee on Local and Foreign Debts expected to examine the request and report back within one week.
The committee may collaborate with other relevant Senate committees during the review process.
The National Assembly’s consideration is expected to focus on the terms of the proposed loans, the projects to be financed and the implications of the borrowing for the country’s finances.
TINUBU SEEKS AMENDMENT ON INTERNATIONAL PRISONER TRANSFERS
Separately, the President has submitted a 2026 amendment bill seeking changes to Nigeria’s legal framework for transferring convicted offenders between Nigeria and other countries.
The proposed legislation is intended to facilitate the implementation of prisoner-transfer agreements with countries outside the Commonwealth.
It would also empower the President to extend the law to countries with which Nigeria has concluded such agreements.
The bill has been referred to the Senate Committee on Rules and Business for further legislative action.
Both proposals will now be considered by the National Assembly as lawmakers begin scrutiny of the borrowing plan and the proposed legal changes.
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