By Joy Yesufu
President Bola Tinubu has asked the Senate to approve a proposed external borrowing plan of $20.51bn and €1.45bn under the Federal Government’s 2026–2027 supplementary borrowing programme.
The request was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Tuesday.
Tinubu said approval of the borrowing plan would enable the Federal Government to meet its obligations to Nigerians and finance critical sectors of the economy.
“I submit here, 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 stated.
According to the President, the programmes captured in the plan were selected following technical and economic evaluations, with consideration given to their expected contributions to Nigeria’s socioeconomic development.
He said the proposed initiatives were designed to generate employment, promote skills acquisition and entrepreneurship, reduce poverty and strengthen food security.
Reacting to the request, Akpabio said some aspects of the borrowing plan had previously been considered in the budget, adding that an external borrowing plan had also received approval during an earlier period.
The Senate President subsequently referred the request to the Senate Committee on Local and Foreign Debts, in collaboration with the committees on Appropriation and Finance.
The committees are expected to examine the proposal and report back to the Senate within one week.
The Senate’s consideration of the request is expected to determine the next steps in the legislative approval process for the proposed external borrowing plan.
