President Bola Tinubu has asked the Senate to approve a fresh external borrowing plan worth $20.51bn and €1.45bn to fund government projects and address financing gaps in the 2026 and 2027 fiscal years.
The request was conveyed in a letter addressed to Senate President Godswill Akpabio and read during plenary on Tuesday, October 27, 2026.
Tinubu said the proposed borrowing would enable the Federal Government to meet its obligations to Nigerians and finance critical sectors, including infrastructure, power, transportation, healthcare, security, agriculture, water supply and education.
The funds are also expected to support food security and employment generation across the 36 states and the Federal Capital Territory.
In the letter, the President urged the National Assembly to consider and approve the Federal Government’s 2026–2027 Supplementary External Borrowing Plan to ensure the timely implementation of the proposed projects.
He explained that the projects and programmes covered by the plan were selected following technical and economic evaluations, with consideration given to their potential contributions to Nigeria’s socioeconomic development.
According to him, the initiatives are designed to create jobs, promote skills acquisition and entrepreneurship, reduce poverty and improve food security.
Tinubu argued that the country required substantial investment in infrastructure to support economic growth and address longstanding development challenges.
He said external borrowing had become necessary to bridge the funding gap and provide the resources required to execute critical projects.
Reacting to the request, Akpabio said the borrowing plan had featured in previous budgetary and borrowing arrangements, although he expressed uncertainty about the precise period covered by the earlier approvals.
The Senate President said the request would be referred to the Senate Committee on Local and Foreign Debts for consideration, potentially in collaboration with the committees on Appropriations and Finance.
Akpabio added that the relevant committee would review the proposal before the Senate takes further action.
The request comes amid continuing debate over Nigeria’s rising public debt and the government’s reliance on borrowing to finance infrastructure and other development programmes.
In March 2026, the National Assembly approved Tinubu’s separate $6bn external borrowing request, comprising a proposed $5bn financing programme arranged through First Abu Dhabi Bank and a $1bn export credit facility backed by UK Export Finance for the rehabilitation of the Lagos and Tin Can Island ports.
