President Bola Tinubu has requested Senate approval for €1.045 billion and $20.52 billion in external loans under the 2026–2027 Supplementary External Borrowing Plan.
Tinubu stated that the proposed loans will fund major projects across infrastructure, agriculture, healthcare, education, water supply, security, job creation, and financial management reforms.
Senate President Godswill Akpabio read the president’s letter on the Senate floor in Abuja on Tuesday.
The president emphasized that technical and economic assessments guided the project selection, adding that the strategic borrowing directly supports his administration’s socioeconomic reform agenda.
He wrote, “I want to emphasise that the projects and programmes included in the Borrowing Plan were selected based on thorough technical and economic evaluation, as well as their anticipated contribution to the socio-economic development of the country.”
Tinubu further emphasized that the initiatives will improve livelihoods for Nigerian children by reducing poverty, boosting food security, and expanding entrepreneurship, employment, and skill acquisition.
The president noted that implementations will span all 36 states and the Federal Capital Territory.
The letter read further, “These initiatives aim to generate employment, promote skills acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child.
“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 broader external borrowings to close the financing shortfall.”
Tinubu also said the funds would be channelled into critical infrastructure projects, particularly in the power, transportation, and healthcare sectors.
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Backstory…
The latest request follows other external borrowing arrangements pursued by the administration.
In March 2026, the National Assembly approved a $6 billion external borrowing plan, including a proposed $5 billion facility from First Abu Dhabi Bank to support the national budget and a $1 billion UK export finance facility for the rehabilitation of Tin Can Island Port and the Lagos Port Complex.
In May, lawmakers also approved a $516.3 million loan to finance the Sokoto–Badagry Superhighway.
