President Bola Tinubu has formally asked the Senate to approve a supplementary external borrowing package of $20.52 billion and €1.05 billion covering the 2026–2027 fiscal period. The request seeks financing for critical infrastructure and development projects nationwide.
The proposal was contained in a letter to Senate President Godswill Akpabio and was read during Tuesday’s plenary session, according to the News Agency of Nigeria.
Tinubu stated that the resources would be directed at power, transportation, healthcare, agriculture, education, water supply, security and employment generation. The plan also includes support for public financial management reforms.
According to the President, the borrowing is meant to reduce Nigeria’s infrastructure deficit and bridge a financing gap for projects considered central to the country’s socioeconomic development. He noted that the projects and programmes were selected following technical and economic evaluations, with consideration given to their expected contribution to national development.
Most of the initiatives, Tinubu said, would be executed across the 36 states and the Federal Capital Territory. He maintained that substantial investment is still required to tackle longstanding infrastructure challenges and sustain economic growth.
“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,” Tinubu said.
He called on the Senate to treat the request with urgency, explaining that approval would allow timely disbursement of funds and effective delivery of projects.
Akpabio observed that the borrowing plan had already been captured in the Federal Government’s earlier borrowing programme. “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,” he said.
