President Bola Tinubu has sought Senate approval for a 2026–2027 supplementary external borrowing plan worth $20.52 billion and €1.05 billion.
Tinubu’s request was contained in a letter addressed to Senate President Godswill Akpabio and read during plenary on Tuesday.
The president said the proposed borrowing would be used to fund critical sectors of the economy, including infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.
He said the funds would help address Nigeria’s infrastructure deficit and bridge the financing gap needed to implement key development projects.
Tinubu said the projects and programmes under the plan were selected following technical and economic evaluations, taking into account their expected contributions to Nigeria’s socioeconomic development.
“These initiatives aim to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child,” he said.
He added that most of the projects and programmes would be implemented across the 36 states and the Federal Capital Territory.
The president said substantial investment in infrastructure remained necessary to support economic growth and address longstanding development challenges.
“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 prudent external borrowings to close the financing shortfall,” he said.
Tinubu said the funds would primarily be channelled into critical infrastructure projects, particularly in the power, transportation and healthcare sectors.
He urged the Senate to give the borrowing plan urgent consideration, saying approval would enable the government to meet its obligations to Nigerians through timely disbursements and effective project implementation.
In his remarks, Akpabio said the borrowing plan had previously featured in the federal government’s approved borrowing plan.
He subsequently referred the request to the Senate Committee on Local and Foreign Debts for further legislative consideration, in collaboration with the Committees on Appropriations and Finance.
“The borrowing plan is attached, but of course, this was even earlier approved in our budget, and also the external borrowing plan was approved as far back as 2025 to 2027,” Akpabio said.
