President Bola Tinubu has asked the Senate to approve the Federal Government’s 2026–2027 Supplementary External Borrowing Plan, involving $20.52 billion and €1.05 billion to finance infrastructure and development projects across the country.
The request was conveyed in a letter read by Senate President Godswill Akpabio during Tuesday’s plenary.
In the letter, Tinubu urged the National Assembly to give the proposal early consideration and approval to facilitate the implementation of critical projects in infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.
The proposed borrowing stands at $20,517,755,901 and €1,045,083,643.
The President said the external financing was necessary to address Nigeria’s infrastructure deficit and bridge funding gaps affecting development projects.
He explained that the projects captured in the plan were selected following technical and economic assessments, with emphasis on their contributions to socioeconomic development.
According to him, the initiatives are also expected to create jobs, promote skills acquisition and entrepreneurship, reduce poverty and strengthen food security.
However, the proposal is expected to undergo legislative scrutiny, particularly regarding its scope and relationship with previously approved borrowing arrangements.
Reacting after the letter was read, Akpabio said the borrowing plan had featured in earlier budgetary and external financing arrangements, although he expressed uncertainty about the exact period covered by the previous approval.
He said the request would be referred to the Senate Committee on Local and Foreign Debts for consideration, in collaboration with the Committees on Appropriations and Finance where necessary.
The committee is expected to examine the details of the proposed financing and its relationship with existing borrowing approvals before making recommendations to the Senate.
The Senate’s consideration will determine the next legislative steps towards approval of the proposed external borrowing plan.
