President Bola Ahmed Tinubu has asked the Senate to approve a fresh external borrowing plan involving $20.51 billion and €1.45 billion to address funding requirements under the Federal Government’s 2026–2027 supplementary borrowing plan.
The request was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Tuesday, according to a report by Daily Trust.
In the letter, Tinubu urged the National Assembly to consider and approve the borrowing plan to enable the Federal Government to meet its obligations to Nigerians and finance critical sectors of the economy.
“I submit here, the attached Federal Government 2026–2027 Supplementary External Borrowing Plan for consideration and early approval of the National Assembly to ensure prompt implementation of our projects,” the President stated.
Tinubu explained that the programmes captured in the borrowing plan were developed following technical and economic evaluations, with consideration given to their expected contributions to Nigeria’s socioeconomic development.
According to the President, the proposed initiatives are intended to create employment opportunities, promote skills acquisition and entrepreneurship, reduce poverty and strengthen food security across the country.
The proposed borrowing is expected to support the implementation of projects and programmes considered important to the Federal Government’s development priorities.
Reacting to the request, Akpabio noted that some aspects of the borrowing plan had previously been considered in the budget, adding that an external borrowing plan had also received approval during an earlier period.
Following the presentation, the Senate President referred the request to the Senate Committee on Local and Foreign Debts, in collaboration with the Committees on Appropriation and Finance, for further consideration.
The committees are expected to submit their reports to the Senate within one week.
The proposed loans will require the necessary legislative approval before the borrowing plan can proceed.
