ABUJA — President Bola Ahmed Tinubu has formally written to the National Assembly seeking legislative approval to secure $20.52 billion and €1.04 billion in new external borrowings under the Federal Government’s 2026–2027 supplementary borrowing plan.
The presidential request was read during Tuesday’s plenary session by Senate President Godswill Akpabio.
According to the executive communication, the proposed facilities are targeted at financing critical national infrastructure gaps across several sectors, including power, rail transport, health, education, water supply, security, and agricultural food security.
President Tinubu explained that the loans aim to stimulate economic activity, generate employment, foster entrepreneurship, and strengthen social safety nets across the 36 states and the Federal Capital Territory.
“These targeted investments are essential to completing ongoing legacy projects, filling critical infrastructure deficits, and sustaining the ongoing economic recovery framework,” the President stated in his letter.
Following the reading of the letter, Senate President Akpabio referred the borrowing plan to the Senate Committee on Local and Foreign Debts, directing the panel to conduct legislative scrutiny and report back to the full chamber within one week.
The fresh loan request comes amid growing political debate over Nigeria’s debt sustainability and rising debt-servicing obligations as the nation prepares for the upcoming general election cycle.
