President Bola Tinubu has asked the Senate to approve a supplementary external borrowing plan worth $20.52 billion and €1.045 billion for the 2026–2027 fiscal period.
The request was conveyed in a letter addressed to Senate President Godswill Akpabio and read during plenary on Tuesday, October 27, 2026.
According to reports by TheStar and Daily Nigerian, the proposed borrowing is intended to bridge funding gaps and finance critical projects across key sectors of the Nigerian economy.
The sectors listed in the plan include infrastructure, power, transportation, healthcare, agriculture, education, water supply and security, as well as employment generation and financial management reforms.
In the letter, Tinubu urged the National Assembly to consider and approve the borrowing plan to facilitate the timely implementation of government projects and programmes.
The President said the projects were selected following technical and economic evaluations, with consideration given to their potential contributions to Nigeria’s socioeconomic development.
He added that the proposed investments were expected to promote job creation, skills acquisition and entrepreneurship, reduce poverty and improve food security.
Tinubu also justified the proposed borrowing by citing the country’s infrastructure deficit and the substantial financial resources required to address development challenges.
Following the presentation of the request, Akpabio said the Senate Committee on Local and Foreign Debts would examine the proposal, with possible collaboration from the committees on Appropriations and Finance.
The Senate President also indicated that aspects of the borrowing plan had featured in previous budgetary and borrowing arrangements, although the latest request would require further scrutiny to clarify its scope.
The request comes amid continuing public debate over Nigeria’s debt profile, rising borrowing obligations and the government’s approach to financing infrastructure and economic development.
The proposed borrowing has yet to receive final approval from the Senate, as lawmakers are expected to review the plan before taking further action.
