President Bola Tinubu has asked the National Assembly to approve a supplementary external borrowing plan of $20.52 billion and €1.045 billion to finance infrastructure and development projects across Nigeria during the 2026–2027 fiscal period.
The request was conveyed in a letter addressed to Senate President Godswill Akpabio and read during plenary on Tuesday.
Tinubu said the proposed loans would support projects in critical sectors, including power, transportation, agriculture, healthcare, education, water supply and security, as well as employment generation and financial management reforms.
According to the President, the proposed financing is intended to address Nigeria’s infrastructure deficit, bridge funding gaps and support economic growth.
He said the projects included in the borrowing plan had undergone technical and economic assessments to determine their potential contribution to the country’s socioeconomic development.
The President added that the investments were expected to create jobs, promote skills acquisition and entrepreneurship, reduce poverty and strengthen food security.
Tinubu said most of the projects would be implemented across the 36 states and the Federal Capital Territory, stressing that the scale of the country’s infrastructure needs made additional external financing necessary.
He urged lawmakers to consider the request promptly, arguing that timely approval would facilitate the release of funds and the implementation of the proposed projects.
The proposed facilities amount to $20,517,755,901 and €1,045,083,643, respectively.
Senate Refers Request to Debt Committee
Following the presentation of the President’s letter, Akpabio referred the borrowing proposal to the Senate Committee on Local and Foreign Debts for further consideration.
The committee was directed to report back to the Senate within one week, with possible contributions from the committees responsible for appropriations and finance.
Akpabio also indicated that aspects of the borrowing plan had featured in previous government borrowing and budgetary arrangements, although he expressed uncertainty about the exact period covered by the earlier approvals.
The Senate’s review is expected to examine the proposal before further legislative action is taken.
Government Seeks Approval for N269.44bn Debt Settlement
In a separate request, the Federal Government has also sought National Assembly approval to establish and expand its Promissory Note Programme to settle verified outstanding liabilities amounting to N269.44 billion.
The request was conveyed in a letter from the Secretary to the Government of the Federation, George Akume, which was read during proceedings in the House of Representatives.
According to the letter, the liabilities total N269,446,402,822.56 and arose from outstanding contractual obligations, project-related debts and other financial commitments owed to various creditors.
The government said the proposed programme would provide a structured mechanism for settling verified claims while limiting the immediate pressure on its cash flow.
Akume explained that the arrangement was intended to prevent further accumulation of interest, penalties and other costs associated with the outstanding liabilities.
The government is seeking legislative approval for the issuance of promissory notes to settle the claims, subject to verification and certification by the relevant agencies.
The requests will require legislative consideration before the proposed financing and debt-settlement arrangements can proceed.