President Bola Tinubu has sought the National Assembly’s approval for supplementary external borrowing of $20.52bn and €1.045bn for the 2026-2027 fiscal period, arguing that Nigeria must bridge its infrastructure funding gap.
Senate President Godswill Akpabio read the request at Tuesday’s plenary and referred it to the Senate and House committees on Local and Foreign Debts, with instructions to report back in one week. He noted that the borrowing is not entirely new, since it is already captured in the 2026 budget.
In his letter, Tinubu said the loans would bankroll projects in power, transportation, healthcare, agriculture, education, water supply, security and job creation.
“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 broader external borrowings to close the financing shortfall,” he wrote.
The President said the projects were selected after technical and economic evaluations and are expected to create jobs, build skills, support entrepreneurship, reduce poverty and boost food security.
Most, he added, will be implemented across the 36 states and the Federal Capital Territory.
Tinubu urged the lawmakers to act swiftly so funds can be disbursed and work can begin on time.
The request now awaits the committees’ review.
