By Seun Ibiyemi
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 critical sectors of the Nigerian economy.
The request, conveyed in a letter read by Senate President Godswill Akpabio during plenary on Tuesday, covers the Federal Government’s 2026–2027 Supplementary External Borrowing Plan.
In the letter, Tinubu said the proposed borrowing was intended to address Nigeria’s infrastructure deficit and bridge funding gaps affecting key socioeconomic sectors.
The proposed investment areas include power, transportation, healthcare, education, agriculture, water supply, security, job creation and financial management reforms.
“I submit 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 wrote.
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Tinubu said the projects had undergone technical and economic evaluations and were expected to contribute to poverty reduction, skills acquisition, entrepreneurship development and food security.
He explained that external borrowing had become necessary because of the substantial financial resources required to address the country’s infrastructure needs and support development programmes.
Following the presentation of the letter, Akpabio referred the request to the Senate Committee on Local and Foreign Debts, chaired by Senator Haruna Manu, for detailed examination.
The Senate committees on Appropriations and Finance are expected to collaborate in reviewing the proposal.
Akpabio noted that some aspects of the borrowing framework had featured in previous government budgetary and borrowing plans, but said the latest request would be examined to clarify its scope before further legislative action.
The review is expected to determine the details of the proposed financing and guide the Senate’s consideration of the request.
The amounts specified in the request are $20,517,755,901 and €1,045,083,643.
The proposed borrowing is intended to provide funding for projects and programmes spanning infrastructure, human capital development, agriculture and security, among other priority areas.
However, the plan remains subject to legislative consideration, and the Senate has yet to approve the request.
The committee review will precede any further decision by the National Assembly on the proposed external financing.
