Tinubu seeks Senate nod for $20.5bn, €1bn loans

Nkereuwem Effiong

President Bola Tinubu, on Tuesday, 27 October 2026, asked the Senate to approve $20.52bn and €1.045bn in external borrowing under the Federal Government’s 2026–2027 supplementary borrowing plan.

Senate President Godswill Akpabio read the President’s request during plenary on Tuesday before referring it to the Senate Committee on Local and Foreign Debts for legislative review.

In the letter, Tinubu stated that the proposed borrowing would help address Nigeria’s infrastructure deficit and bridge funding gaps in critical sectors, including power, transportation, healthcare, education, agriculture, water supply and security.

The letter noted further that the funds would support job creation and reforms to financial management.

Tinubu said the projects had undergone technical and economic assessments to maximise their impact on poverty reduction, skills development, entrepreneurship and food security.

He urged the National Assembly to approve the borrowing plan promptly to facilitate the implementation of the proposed projects.

The President said external borrowing had become necessary to bridge the funding shortfall required to address the country’s infrastructure needs.

Akpabio said aspects of the borrowing framework had featured in previous government borrowing plans but noted that the latest request would be reviewed to clarify its scope before further legislative action.

The Senate Committee on Local and Foreign Debts, chaired by Senator Haruna Manu, will conduct the review, with support from the committees on Appropriations and Finance.

The review is expected to establish how the supplementary borrowing request fits into the country’s existing debt framework.