Tinubu Seeks $20.52 Billion, €1.05 Billion in External Borrowing

President Bola Tinubu has asked the Senate to approve a 2026–2027 supplementary external borrowing plan of $20.52 billion and €1.05 billion to fund infrastructure and development projects across Nigeria.

The request was read on the Senate floor by the President of the Senate, Godswill Akpabio, on Tuesday.

Tinubu, in his letter, said the financing is crucial to address the country’s infrastructure deficit and bridge funding gaps that impede development.

He urged lawmakers to grant early approval to ensure prompt project implementation.

“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,” Tinubu wrote.

The proposed funds, amounting to $20,517,755,901 and €1,045,083,643, are earmarked for critical sectors including power, transportation, healthcare, agriculture, and 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.

The president noted the projects would span all 36 states and the Federal Capital Territory, aiming to generate employment and enhance food security.

“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.

Akpabio noted that the borrowing plan had been referenced in prior budget arrangements.

“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 stated the request would be referred to the Senate Committee on Local and Foreign Debts for review, with potential collaboration from 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.