By NEWSCOUNT Desk
President Bola Tinubu has asked the National Assembly to approve fresh external loans worth $20.52 billion and €1.045 billion to finance infrastructure and development projects under the Federal Government’s 2026–2027 Supplementary External Borrowing Plan.
The request was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Tuesday.
In the letter, Tinubu urged lawmakers to approve the proposed borrowing plan to enable the government to implement critical projects and programmes.
He explained that the proposed facilities would help address Nigeria’s infrastructure deficit and bridge funding gaps affecting key development programmes.
The President said the funds would support projects in power, transportation, healthcare, agriculture, education, water supply, security, employment generation and public financial management reforms.
He stated that the projects had been selected following technical and economic evaluations, with consideration given to their expected contributions to the country’s socioeconomic development.
According to him, the initiatives are expected to create jobs, promote skills acquisition and entrepreneurship, reduce poverty and improve food security.
Tinubu added that most of the projects would be implemented across the 36 states of the federation and the Federal Capital Territory.
He maintained that Nigeria’s infrastructure needs required additional external financing to close existing funding gaps and accelerate economic growth.
Following the presentation of the letter, Akpabio referred the request to the Senate Committee on Local and Foreign Debts for examination, in collaboration with the Committees on Appropriations and Finance.
The committees were directed to review the proposal and report back to the Senate within one week.
The request has raised fresh questions about Nigeria’s debt burden, the terms of the proposed facilities and the specific projects to be financed.
Former Vice-President Atiku Abubakar has also questioned the proposed borrowing, calling for greater transparency and accountability in the management of public funds.
Nigeria has relied on both domestic and external borrowing to finance budget deficits, infrastructure projects and other government expenditure. Additional external loans, if approved and drawn, would increase the country’s repayment obligations.
While the Federal Government maintains that the proposed financing is necessary to address infrastructure gaps and support economic development, the National Assembly’s review is expected to clarify the scope of the borrowing plan and the projects earmarked for funding.
The request is awaiting legislative consideration and has not yet received final approval.
