By Emmanuella Opara | October 27th 2026
KEY POINTS
- President Bola Tinubu asks the Senate to approve a 2026–2027 supplementary external borrowing plan worth $20.52bn and €1.05bn.
- The proposed loans are intended to fund infrastructure, agriculture, healthcare, education, water supply and security projects.
- Senate President Godswill Akpabio says the request will be reviewed by the Committee on Local and Foreign Debts, with possible input from the Appropriations and Finance committees.
- The proposed financing is expected to be examined alongside previous borrowing approvals before the Senate decides on the request.
MAIN STORY
President Bola Tinubu has asked the Senate to approve a supplementary external borrowing plan of $20.52bn and €1.05bn for the 2026–2027 period, with the Federal Government seeking additional funding for infrastructure and development programmes across Nigeria.
The request was transmitted to the National Assembly and read by Senate President Godswill Akpabio during Tuesday’s plenary.
The proposed borrowing amounts to $20,517,755,901 and €1,045,083,643. Tinubu urged lawmakers to consider the plan promptly, arguing that the funds would help address the country’s infrastructure deficit and close funding gaps affecting development projects.
In his letter to the National Assembly, the President said the proposed financing would support programmes covering power, transportation, healthcare, agriculture, 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,” Tinubu wrote.
He said the projects had been selected following technical and economic evaluations, with attention given to their expected contribution to socioeconomic development.
The President added that the initiatives were designed to support job creation, skills acquisition, entrepreneurship, poverty reduction and 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 Tinubu, most of the projects would be implemented across Nigeria’s 36 states and the Federal Capital Territory. He maintained that external financing was necessary to bridge the shortfall between the country’s infrastructure needs and available funding.
“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,” the President stated.
Tinubu urged the National Assembly to approve the plan early, arguing that timely approval would facilitate disbursement and speed up project implementation.
Following the presentation of the letter, Akpabio indicated that the borrowing plan would be referred to the Senate Committee on Local and Foreign Debts for review, potentially in collaboration with the Committees on Appropriations and Finance.
Akpabio also suggested that related borrowing arrangements had featured in earlier budgetary and government approvals, although he expressed uncertainty about the precise period covered by those previous approvals.
“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 confirmed that the Committee on Local and Foreign Debts would lead the review.
“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 examination is expected to consider the details of the proposed financing and its relationship with previous borrowing arrangements before the Senate determines the next legislative steps.
THE ISSUES
The proposed borrowing would provide additional financing for projects the Federal Government considers necessary to address Nigeria’s infrastructure and public service gaps. The administration says the funds would also support employment, entrepreneurship, food security and poverty reduction.
However, the request raises questions about the scope of the new financing and how it relates to borrowing plans approved previously. Akpabio’s remarks indicate that some related arrangements may already have received legislative approval, but he did not specify the exact period covered.
The Senate committee’s review will therefore be important in establishing the details of the plan and clarifying its relationship with earlier approvals. The source report does not provide a breakdown of the amounts allocated to individual projects, the proposed loan terms or the expected repayment schedule.
WHAT’S BEING SAID
“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,” President Bola Tinubu wrote.
“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,” Tinubu said.
“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,” the President stated.
WHAT’S NEXT
The Senate Committee on Local and Foreign Debts is expected to lead the review of the borrowing request, with possible contributions from the Committees on Appropriations and Finance.
The review will examine the proposed financing and its relationship with previous borrowing arrangements before the Senate determines whether to approve the plan. The source report does not specify when the committee will conclude its work or when the Senate will take a final decision.
BOTTOM LINE
Tinubu is seeking legislative approval for a supplementary external borrowing plan worth $20.52bn and €1.05bn to finance development projects across Nigeria. The proposal will now face Senate scrutiny, including examination of its scope and relationship with previous borrowing approvals.
