President Bola Tinubu has asked the Senate to approve the Federal Government’s proposed 2026–2027 Supplementary External Borrowing Plan, valued at $20.52bn and €1.05bn, to fund infrastructure and other development projects nationwide.
The request was presented to the Senate during Tuesday’s plenary by Senate President Godswill Akpabio, who read the President’s letter to the lawmakers.
In the letter, Tinubu urged the National Assembly to consider and approve the proposal promptly, stating that the funds would support key sectors, including power, transportation, agriculture, healthcare, education, water supply, security, job creation and financial management reforms.
The proposed borrowing comprises $20,517,755,901 and €1,045,083,643.
Tinubu said the external financing was intended to address the country’s infrastructure deficit and bridge funding gaps affecting the implementation of critical development programmes.
He stated that the projects under the plan had been selected following technical and economic assessments, with consideration given to their expected contributions to Nigeria’s socioeconomic development.
According to the President, the initiatives are also designed to create employment opportunities, encourage skills acquisition and entrepreneurship, reduce poverty and improve food security.
He added that most of the projects would be implemented across the 36 states and the Federal Capital Territory, reflecting the nationwide reach of the proposed investments.
Tinubu maintained that the scale of the country’s infrastructure requirements made additional funding necessary, arguing that prudent external borrowing would help meet the financial demands of the planned projects.
He urged the Senate and the wider National Assembly to expedite consideration of the proposal to facilitate the release of funds and ensure timely project execution.
Following the presentation, Akpabio indicated that aspects of the borrowing plan had featured in previous budgetary and borrowing arrangements, although he expressed uncertainty about the exact period covered by the earlier approvals.
The Senate President said the request would be referred to the Senate Committee on Local and Foreign Debts for examination, with possible collaboration from the Committees on Appropriations and Finance.
Akpabio also referred to Senator Haruna Manu in connection with the committee’s leadership.
The committee is expected to scrutinise the proposed financing, including its details and relationship with previously approved borrowing arrangements, before the Senate determines its next course of action.
The request comes as the Federal Government seeks additional funding for infrastructure development and programmes aimed at addressing longstanding gaps in public services and supporting economic growth.
The Senate’s review will determine the next legislative steps towards approval of the proposed external borrowing plan.
