Again, Tinubu seeks approval to borrow $20.5bn, €1.04bn loans, writes Senate

President Bola Tinubu has written to the Senate seeking approval for external loans worth $20.52bn and €1.045bn under the 2026–2027 Supplementary External Borrowing Plan.

Tinubu said the proposed loans would finance critical projects across various sectors, including infrastructure, agriculture, healthcare, education, water supply, security, and employment generation, as well as financial management reforms.

The President’s request was contained in a letter read by the Senate President, Senator Godswill Akpabio, on the floor of the Senate in Abuja on Tuesday.

The President explained that the proposed borrowing was necessary to support his administration’s reform agenda, adding that the projects had been selected based on technical and economic evaluations and their expected contributions to the country’s socio-economic development.

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.”

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Tinubu added that the projects would also promote employment, skills acquisition, and entrepreneurship, reduce poverty, and improve food security, thereby enhancing the livelihoods of Nigerian children.

Tinubu stated that most of the projects and programmes would be implemented across the 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.

The letter stated, “Given the urgent nature of these needs and the importance of stabilising 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 Plan.

“This will enable the government to fulfil its obligations to the Nigerian people through timely disbursements and effective project implementation.”

The Senate immediately referred the request to its Committees on Local and Foreign Debts and Appropriations for further legislative scrutiny, with the report expected back in a week’s time.