Tinubu Seeks Senate Approval for $20.5bn, €1.04bn External Loans
By Nafiu Muhammad Lema
President Bola Tinubu has asked the Senate to approve a supplementary external borrowing plan of $20.52 billion and €1.045 billion to finance infrastructure and development projects across Nigeria during the 2026–2027 fiscal period.
The request was conveyed in a letter addressed to the President of the Senate, Godswill Akpabio, who read the communication during plenary on Tuesday.
Tinubu said the proposed loans would support projects across critical sectors, including power, transportation, agriculture, healthcare, education, water supply and security, as well as financial management reforms and employment generation.
According to the President, the proposed borrowing is intended to address the country’s infrastructure funding deficit, accelerate economic growth, create jobs and improve the living conditions of Nigerians.
He explained that the projects and programmes contained in the borrowing plan were selected following technical and economic assessments, with consideration given to their expected contributions to national development.
Tinubu added that the proposed investments were expected to promote skills acquisition and entrepreneurship, reduce poverty, strengthen food security and expand employment opportunities.
The President further disclosed that most of the projects would be implemented across Nigeria’s 36 states and the Federal Capital Territory, stressing that the nationwide distribution of the interventions would help address infrastructure and development needs in different parts of the country.
He argued that the scale of Nigeria’s infrastructure deficit and the substantial resources required to address it had made additional external financing necessary.
Tinubu, therefore, urged the National Assembly to consider and approve the borrowing plan promptly, saying timely approval would facilitate the release of funds and ensure effective implementation of the proposed projects.
He maintained that the financing would enable the Federal Government to meet its development commitments and improve the delivery of public services to Nigerians.
Following the presentation of the letter, Akpabio referred the request to the Senate Committee on Local and Foreign Debts for further legislative consideration.
The committee is expected to report back to the Senate within one week and may work with the Senate Committee on Appropriations and other relevant committees in examining the proposal.
However, the communication presented to the Senate did not contain a detailed breakdown of the individual projects, the amount allocated to each sector or the specific terms and conditions of the proposed financing.
The Senate’s consideration is expected to examine the borrowing proposal and its intended development objectives, particularly the government’s plans to address infrastructure gaps and stimulate economic activities across the country.
