President Bola Tinubu has asked the Senate to approve $20.51 billion and €1.045 billion in external borrowing to address funding gaps in the Federal Government’s 2026–2027 Supplementary External Borrowing Plan.
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The President’s request was conveyed in a letter which Senate President Godswill Akpabio read during plenary on Tuesday.
According to the letter, the requested funds specifically $20,517,755,901 and €1,045,083,643 are earmarked to address Nigeria’s persistent infrastructure deficit and bridge critical funding gaps across vital socio-economic sectors.
The primary targets for investment 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,” President Tinubu wrote.
He emphasised that the projects selected underwent technical and economic evaluations to maximise their impact on poverty reduction, skill acquisition, entrepreneurship and national food security.
“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,” the President added.
Following the reading of the letter during plenary, Akpabio noted that elements of the borrowing framework had previously appeared in broader government borrowing plans.
Akpabio formally referred the request to the Senate Committee on Local and Foreign Debts, led by Senator Haruna Manu, for detailed legislative review, with expected collaboration from the Committees on Appropriations and Finance.
“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,” Akpabio stated.
“However, this request will be looked at by the Committee on Local and Foreign Debts… to clarify the scope before further action.”
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