President Bola Tinubu has asked the National Assembly to approve a new external borrowing plan of about $20.52 billion and €1.045 billion to finance projects nationwide in 2026 and 2027.
Naija News reports that the request was conveyed in a letter titled “Federal Government 2026-2027 Supplementary External Borrowing Plans,” which the Senate President, Godswill Akpabio, read during plenary on Tuesday.
According to the President, the loans will fund projects in virtually every sector, with emphasis on infrastructure, agriculture, health, education, water supply, security, job creation and financial management reforms.
He said most of the money would go into critical infrastructure, particularly in the power, transportation and health sectors.
“These funds will primarily be directed towards critical infrastructure projects in various sectors, including power, transportation and healthcare, amongst others,” Tinubu wrote.
The President put the exact value of the facilities at $20,517,755,901 and €1,045,083,643, adding that most of the projects would be spread across the 36 states and the FCT.
Tinubu argued that the country’s huge infrastructure deficit could not be addressed without more foreign financing.
“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 broader external borrowings to close the financing shortfall,” he said.
He assured lawmakers that the projects were selected on merit after detailed technical and economic reviews.
“I want to emphasise that the projects and programmes included in the Borrowing Plan were selected based on thorough technical and economic evaluation, as well as their anticipated contribution to the socio-economic development of the country,” he stated.
The President said the projects would help to create jobs, develop skills, support entrepreneurship, cut poverty and strengthen food security.
“These initiatives aim to generate employment, promote skills acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child,” he added.
He urged the lawmakers to act quickly so that funds could be released on time.
“Given the urgent nature of these needs and the importance of stabilising the country, it is crucial to seek the consideration and approval of the National Assembly leadership and the entire National Assembly for the 2026–2027 Supplementary External Borrowing Plan,” Tinubu said.
Akpabio referred the request to the Senate Committee on Local and Foreign Debts and directed it to report back within a week.
He noted that the committee might work with the Committee on Appropriations and other relevant panels in scrutinising the plan.
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