President Bola Tinubu has asked the Senate to approve a proposed external borrowing plan worth $20.52bn and €1.05bn to finance infrastructure and development projects across Nigeria.
The request, transmitted to the National Assembly, was read by Senate President Godswill Akpabio during Tuesday’s plenary.
The proposed 2026–2027 Supplementary External Borrowing Plan comprises $20,517,755,901 and €1,045,083,643.
Tinubu said the funds would support projects in power, transport, healthcare, agriculture, education, water supply, security, employment generation and public financial management.
He argued that additional external financing was necessary to address Nigeria’s infrastructure deficit and bridge funding gaps affecting the implementation of development programmes.
In the letter, the President urged lawmakers to approve the plan promptly to facilitate disbursement and accelerate project execution.
He said the projects had been selected after technical and economic assessments, with consideration given to their expected contribution to socioeconomic development.
According to him, the initiatives are also expected to create jobs, promote skills acquisition and entrepreneurship, reduce poverty and improve food security.
Tinubu said most of the projects would be implemented across the 36 states and the Federal Capital Territory.
However, the proposal will be examined by the relevant Senate committees, including the Committee on Local and Foreign Debts, before the chamber determines its next steps.
Akpabio said the borrowing plan had featured in previous budgetary and borrowing arrangements, although he expressed uncertainty about the exact period covered by earlier approvals.
He said the Committee on Local and Foreign Debts would review the request, possibly in collaboration with the committees on Appropriations and Finance.
The review is expected to clarify the scope of the proposed financing and its relationship with previously approved borrowing arrangements.
The request comes as the Federal Government seeks additional funding for infrastructure and other development programmes amid longstanding gaps in public services.
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