By Divine Sam

President Bola Tinubu has asked the Nigerian Senate to approve the Federal Government’s 2026–2027 Supplementary External Borrowing Plan, which proposes loans of $20.52 billion and €1.05 billion to finance infrastructure and development projects nationwide.

The request was presented to the National Assembly in a letter read by Senate President Godswill Akpabio during Tuesday’s plenary session.

In the letter, Tinubu urged lawmakers to give the proposal urgent consideration, explaining that the funds would support projects in power, transportation, healthcare, agriculture, education, water supply, security, employment generation and financial management reforms.

The proposed borrowing amounts to $20,517,755,901 and €1,045,083,643, respectively.

The President said the external financing was necessary to address Nigeria’s infrastructure deficit and bridge the funding gap affecting the implementation of critical development projects.

According to him, the projects were selected following technical and economic evaluations, with priority given to initiatives expected to promote socioeconomic development, create jobs, encourage skills acquisition and entrepreneurship, reduce poverty and strengthen food security.

Tinubu noted that most of the proposed projects would be implemented across Nigeria’s 36 states and the Federal Capital Territory.

He maintained that additional external financing had become necessary to meet the country’s substantial infrastructure needs, particularly in the power, transportation and healthcare sectors.

Meanwhile, Akpabio indicated that aspects of the borrowing plan had featured in previous budgetary and external borrowing arrangements, although he expressed uncertainty about the precise period covered by earlier approvals.

The Senate President said the request would be referred to the Senate Committee on Local and Foreign Debts for examination, potentially in collaboration with the Committees on Appropriations and Finance.

The committee is expected to scrutinise the proposed financing, including its scope and relationship with previously approved borrowing arrangements, before the Senate determines the next steps.

The request comes as the Federal Government seeks additional funding for infrastructure development and other programmes aimed at addressing longstanding gaps in public services and supporting economic growth.

The proposed borrowing will require legislative scrutiny and approval before it can proceed through the requested authorisation process.