President Bola Ahmed Tinubu on Tuesday, October 27, 2026, sought the approval of the Senate for a 2026–2027 supplementary external borrowing plan of $20.52 billion dollars and 1.05 billion euros.
The President’s request was contained in a letter addressed to the President of the Senate, Godswill Akpabio which was read at plenary, stating that the proposed borrowing plan would be utilised on critical sectors of the economy, including infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.
Tinubu further said that the funds would help address the country’s infrastructure deficit and bridge the financing gap required to implement critical development projects, emphasizing that the projects and programmes under the plan were selected following technical and economic evaluations, with consideration on its anticipated contributions to Nigeria’s socioeconomic development.
He said that the initiatives aimed to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child.
The President also said that most of the projects and programmes would be implemented across 36 states and the Federal Capital Territory (FCT), adding that substantial investment in infrastructure remained necessary to support economic growth and address longstanding development challenges.
In the words of the President; “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”.
Tinubu said the funds would primarily be channeled into critical infrastructure projects, particularly in the power, transportation and healthcare sectors, thus urged the Senate to give the borrowing plan the needed urgent consideration.
He explained that the approval would enable the government to meet its obligations to Nigerians through timely disbursements and effective project implementation.
In his remarks, President of the Senate, Godswill Akpabio, said the borrowing plan had previously featured in the approved borrowing plan of the federal government and accordingly referred the request to the Senate Committee on Local and Foreign Debts for further legislative considerations in collaboration with the Committees on Appropriations and Finance.
Akpabio said; “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”.
