Fidelia Soriwei, Abuja
President Bola Tinubu has asked the Senate to approve the Federal Government’s 2026–2027 Supplementary External Borrowing Plan, seeking $20.52bn and €1.05bn to finance infrastructure and development projects across Nigeria.
The request was read by Senate President Godswill Akpabio during plenary on Tuesday after its transmission to the National Assembly.
The proposed borrowing comprises $20,517,755,901 and €1,045,083,643. In his letter, Tinubu urged lawmakers to consider and approve the plan promptly to facilitate the implementation of projects and programmes across key sectors.
The President said the funds would support infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.
“I submit 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,” he wrote.
Tinubu said the projects had been selected following technical and economic evaluations, with emphasis on their expected contributions to Nigeria’s socioeconomic development.
He added that the initiatives were designed to create jobs, promote skills acquisition and entrepreneurship, reduce poverty and strengthen food security.
“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.
According to the President, most of the projects would be implemented across the 36 states and the Federal Capital Territory. He said the proposed external financing was necessary to address the country’s infrastructure deficit and bridge funding gaps affecting development projects.
“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,” Tinubu stated.
He said the funds would primarily support critical infrastructure, particularly in the power, transportation and healthcare sectors, and urged the National Assembly to approve the plan in good time to accelerate disbursements and project delivery.
Reacting after the letter was read, Akpabio said the borrowing plan had featured in previous budgetary and borrowing arrangements, although he was uncertain about the exact period covered by the earlier approval.
“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, I think to 2028 or thereabout,” Akpabio said.
He said the request would be referred to the Senate Committee on Local and Foreign Debts for consideration, possibly in collaboration with the Committees on Appropriations and Finance.
“However, this request will be looked at by the Committee on Local and Foreign Debts, probably in collaboration with Appropriations and Finance, but mainly by the Committee on Local and Foreign Debts,” he stated.
The committee’s review is expected to examine the details of the proposed financing and its relationship with previously approved borrowing arrangements before the Senate determines the next legislative steps.
