Tinubu Seeks NASS Approval for $20.5bn, €1.04bn External Loans

…. says borrowing will fund infrastructure, security, healthcare

By Haruna Salami

President Bola Tinubu has requested the National Assembly to approve external borrowing facilities of $20.52 billion and €1.045 billion under the Federal Government’s 2026–2027 Supplementary External Borrowing Plan, aimed at financing critical infrastructure and development projects across the country.

The request was conveyed in a letter addressed to the President of the Senate, Godswill Akpabio and Speaker of the House of Representatives, Rt.Hon. Tajudeen Abbas and read during plenary on Tuesday in the two chambers.

In the letter, Tinubu urged the National Assembly to consider and approve the borrowing plan expeditiously to facilitate the timely implementation of government projects and programmes.

The President explained that the borrowing request had been included in the government’s earlier borrowing plans and was intended to support the implementation of the 2026 and 2027 budgets.

According to him, the proposed facilities would cover projects across several sectors, including infrastructure, agriculture, healthcare, education, water supply, security, employment generation, economic growth and public financial management reforms.

The total financing requirement under the supplementary external borrowing plan stands at $20,517,755,901 and €1,045,083,643.

Tinubu stated that the initiatives were designed to generate employment, promote skills acquisition, encourage entrepreneurship, reduce poverty and improve food security, ultimately enhancing the living conditions of Nigerians.

The President noted that most of the projects would be implemented across the 36 states and the Federal Capital Territory, stressing that substantial investment was required to address the country’s infrastructure deficit.

He explained that the government had considered external borrowing necessary to bridge the financing gap and provide resources for critical infrastructure, particularly in the power, transportation and healthcare sectors.

“Given the urgent nature of these needs and the importance of stabilising the economy of the country, it is crucial to seek the consideration and approval of the National Assembly leadership and the entire National Assembly for the 2026–2027 Supplementary External Borrowing Rolling Plan,” Tinubu said.

He added that approval would enable the government to meet its obligations to Nigerians through timely disbursement of funds and effective implementation of the proposed projects.

Following the presentation of the letter, Akpabio clarified that the borrowing plan had been incorporated into earlier budgetary arrangements and that the external borrowing framework had received prior approval as far back as 2025 for the 2025–2027 period.

Akpabio referred the request to the Senate Committee on Local and Foreign Debts, in collaboration with the Committees on Appropriations and Finance, for consideration and a report within one week.