Tinubu Seeks Senate Nod For Massive $20.5bn, €1.04bn Foreign Loan Package
President Bola Tinubu has triggered another loan alert by requesting the Nigerian Senate to approve $20.51bn and €1.45bn in external borrowing to handle financing gaps in the 2026–2027 Federal Government supplementary borrowing plan.
The President’s request was conveyed in a letter which
Senate President Godswill Akpabio read the letter conveying the President’s request during upper legislative chamber plenary on Tuesday.
According to the President, the request was necessary to enable the Federal Government meet its obligations to Nigerians and fund critical sectors of the economy going forward
The letter read: “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.”
He said programmes under the plan were based on technical and economic evaluations, with consideration given to their expected contributions to Nigeria’s socioeconomic development.
Furthermore, President Tinubu said the initiatives were designed to create jobs, promote skills acquisition and entrepreneurship, reduce poverty and improve food security.
Addressing his colleagues, Senator Akpabio said aspects of the borrowing plan had previously been considered in the budget and that an external borrowing plan had also received approval in an earlier period.
While referring the request to the Senate Committee on Local and Foreign Debts in collaboration with the committees on Appropriation and Finance, the Senate President said they are expected to report back to the Senate within one week.
More to come,,,
