President Bola Tinubu has asked the National Assembly to approve a supplementary external borrowing plan worth $20.52 billion and €1.04 billion to finance projects and programmes covering infrastructure, agriculture, healthcare, education, security and other critical sectors of the Nigerian economy.
The request was conveyed to the Senate in a letter read by Senate President Godswill Akpabio during plenary on Tuesday, October 27, 2026.
In the letter, Tinubu explained that the proposed borrowing would provide additional funding for projects designed to accelerate economic growth, address Nigeria’s infrastructure deficit and improve the delivery of essential services across the country.
The President said the funds would support investments in power, transportation, healthcare, agriculture, education, water supply, security, employment generation and financial management reforms.
According to him, the projects were selected after technical and economic evaluations, with consideration given to their expected contributions to Nigeria’s socioeconomic development.
“The total facility for the projects and programmes under the borrowing rolling plan is 20 billion 517 million US dollars and 1 billion 45 million eighty-three thousand six hundred and forty-three euros respectively,” the letter stated.
Tinubu said the proposed investments were intended to create employment opportunities, promote skills acquisition, encourage entrepreneurship, reduce poverty and strengthen food security.
He added that most of the projects and programmes would be implemented across Nigeria’s 36 states and the Federal Capital Territory, FCT, giving the borrowing plan a nationwide scope.
The President explained that additional external financing had become necessary because of the substantial resources required to address the country’s infrastructure funding gap and support development projects across different sectors.
“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,” he said.
He further stated that the funds would primarily be directed towards critical infrastructure projects, particularly in sectors such as power, transportation and healthcare, which the administration considers important to economic development.
The proposed borrowing plan also covers agriculture, education, water supply and security, alongside programmes aimed at generating employment and improving the management of public finances.
The administration says the projects are expected to contribute to economic growth by improving infrastructure, expanding access to essential services and creating opportunities for businesses and workers.
However, the President’s request now requires consideration by the National Assembly, where lawmakers are expected to examine the proposed borrowing plan and its implications before determining the next steps.
After reading the letter, Akpabio told senators that aspects of the borrowing plan had previously been considered in the budget and that an external borrowing plan had also received approval during an earlier period.
He subsequently referred the request to the Senate Committee on Local and Foreign Debts, working in collaboration with the committees on Appropriation and Finance, for further examination.
The committees are expected to scrutinise the proposal and report back to the Senate within one week.
Akpabio said the review would guide the Senate’s next steps regarding the President’s request.
The legislative consideration is expected to focus on the proposed projects and programmes, their financing requirements and the framework for implementing the borrowing plan.
External borrowing remains one of the financing options available to the Federal Government for supporting major infrastructure and development projects. However, such borrowing also raises questions about debt management, repayment obligations and the need to ensure that funds are deployed effectively.
The proposed plan comes as the government seeks to mobilise substantial resources for infrastructure and other priority sectors across the country.
While the administration maintains that the loans would help close critical funding gaps and support economic development, the Senate’s review will determine the next stage of consideration of the request.
The committees are expected to submit their findings within the one-week timeframe announced by Akpabio, after which the Senate will determine how to proceed with Tinubu’s supplementary external borrowing proposal.
