Tinubu seeks Senate approval for $20.52bn, €1.05bn external borrowing plan
By OUR REPORTER
“These initiatives aim to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child,” he said.
President Bola Tinubu has sought the Senate’s approval for a supplementary external borrowing plan of $20.52 billion and €1.05 billion for 2026–2027, the News Agency of Nigeria (NAN) reports.
The request was contained in a letter addressed to Senate President God’swill Akpabio and read during plenary on Tuesday.
Tinubu said the proposed loans would finance critical sectors of the economy, including infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.
According to the President, the funds would help address Nigeria’s infrastructure deficit and bridge the financing gap needed to implement essential development projects.
He explained that the projects and programmes under the borrowing plan were selected following technical and economic evaluations, with consideration given to their expected contributions to the country’s socioeconomic development.
“These initiatives aim to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child,” he said.
Tinubu added that most of the projects and programmes would be implemented across the 36 states of the federation and the Federal Capital Territory (FCT).
He maintained that substantial investment in infrastructure remained necessary to support economic growth and address longstanding development challenges.
“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,” the President said.
He said the funds would primarily be channelled into critical infrastructure projects, particularly in the power, transportation and healthcare sectors.
The President urged the Senate to give the borrowing request urgent consideration, saying its approval would enable the government to meet its obligations to Nigerians through timely disbursements and effective project implementation.
Responding, Akpabio said the borrowing plan had previously featured in the Federal Government’s approved borrowing programme.
He subsequently referred the request to the Senate Committee on Local and Foreign Debts for further legislative consideration, in collaboration with the Committees on Appropriations and Finance.
“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,” Akpabio said.
