Tinubu Seeks Senate Approval for $20.52bn, €1.05bn Loans

President Bola Tinubu has asked the Senate to approve external loans totalling about $20.52 billion and €1.05 billion to finance critical projects under the Federal Government’s 2026–2027 supplementary borrowing plan.

The request was read on the Senate floor by President of the Senate, Godswill Akpabio, during plenary on Tuesday.

In the letter, Tinubu sought approval for $20,517,755,901 and €1,045,083,643, citing the need to address Nigeria’s infrastructure deficit and meet funding requirements across key sectors.

The proposed investments cover power, transportation, 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,” the President said.

Tinubu said the proposed projects had undergone technical and economic assessments to ensure they contributed to poverty reduction, skills development, entrepreneurship and national food security.

He explained that external borrowing had become necessary to address the country’s substantial infrastructure financing needs.

Following the presentation, Akpabio referred the request to the Senate Committee on Local and Foreign Debts, chaired by Sen. Haruna Manu, for detailed consideration.

The Committees on Appropriations and Finance are expected to support the review.

Akpabio noted that some elements of the borrowing framework had featured in earlier government borrowing plans approved for 2025–2027.

He, however, said the committee would examine the scope of the latest proposal before the Senate takes further legislative action.

The review is expected to assess the proposed borrowing arrangements, disbursement timeline and consistency with Nigeria’s existing debt management framework.