Tinubu Submits $20.52bn, €1.045bn Borrowing Plan to National Assembly

President Bola Tinubu has asked the Senate to approve a supplementary external borrowing plan of $20.52 billion and €1.045 billion to finance infrastructure and development projects across Nigeria during the 2026–2027 fiscal period.

The request was conveyed in a letter addressed to Senate President Godswill Akpabio, who read it during plenary on Tuesday.

Tinubu said the proposed borrowing was necessary to bridge the country’s infrastructure funding gap, stimulate economic growth, create jobs and improve the living conditions of Nigerians.

According to the letter, the proposed facilities amount to $20,517,755,901 and €1,045,083,643, with the funds expected to support projects and programmes across critical sectors of the economy.

The sectors listed include power, transportation, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.

In the letter, titled Federal Government 2026–2027 Supplementary External Borrowing Plan, the President urged the National Assembly to consider and approve the proposal promptly to facilitate the timely release of funds and implementation of the projects.

“The 2026–2027 Supplementary External Borrowing Plan cuts across all sectors, with specific emphasis on infrastructure, agriculture, health, education, water supply, growth, security and employment generation, as well as financial management reforms, amongst others,” Tinubu stated.

He said the projects and programmes had been selected following technical and economic assessments, with consideration given to their expected contributions to the country’s socio-economic development.

“I want to emphasise that the projects and programmes included in the Borrowing Plan were selected based on thorough technical and economic evaluation, as well as their anticipated contribution to the socio-economic development of the country,” he said.

Tinubu added that the proposed investments were expected to create employment opportunities, promote skills acquisition, encourage entrepreneurship, reduce poverty and strengthen food security.

“These initiatives aim to generate employment, promote skills acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child,” the President said.

He further disclosed that most of the projects would be implemented across Nigeria’s 36 states and the Federal Capital Territory, describing the nationwide spread as an effort to address development needs across the federation.

Tinubu Cites Infrastructure Funding Gap

The President maintained that Nigeria’s substantial infrastructure deficit and the financial resources required to address it had made additional external borrowing necessary.

He said the proposed financing would support critical infrastructure projects, particularly in the power, transportation and healthcare sectors.

“These funds will primarily be directed towards critical infrastructure projects in various sectors, including power, transportation and healthcare, amongst others,” Tinubu stated.

He urged lawmakers to give the request urgent consideration, arguing that approval would enable the government to meet its obligations to Nigerians through timely disbursement of funds and effective project implementation.

“Given the urgent nature of these needs and the importance of stabilising the country, it is crucial to seek the consideration and approval of the National Assembly leadership and the entire National Assembly for the 2026–2027 Supplementary External Borrowing Plan,” he said.

“This will enable the government to fulfil its obligations to the Nigerian people through timely disbursements and effective project implementation,” he added.

Senate Refers Request to Debt Committee

Following the presentation of the letter, Akpabio referred the borrowing request to the Senate Committee on Local and Foreign Debts for further legislative consideration.

The committee was directed to report back to the Senate within one week.

Akpabio indicated that the committee could collaborate with the Senate committees responsible for appropriations and finance during its examination of the proposal.

The review is expected to consider the proposed financing arrangements and their intended development objectives before the Senate takes further action.

However, the letter read during plenary did not provide a detailed breakdown of the proposed borrowing by individual project, including the amount allocated to each project, the specific financing terms and the contractors expected to execute the projects.

The Senate’s consideration will therefore be an important stage in determining the scope of the proposed borrowing and the conditions attached to the financing.

The proposal remains subject to legislative consideration, with the Senate committee expected to submit its findings within the stipulated one-week period.