President Bola Tinubu has written to the Senate seeking approval for a supplementary external borrowing plan of $20.52 billion and €1.045 billion.
The request was contained in a letter addressed to the President of the Senate, Senator Godswill Akpabio, and read during plenary on Tuesday, October 27, 2026.
According to the letter, the facilities total $20,517,755,901 and €1,045,083,643 and cover the 2026-2027 fiscal period.
Tinubu said the borrowing is needed to bridge Nigeria’s infrastructure funding gap, sustain economic growth, generate employment and improve living conditions.
He said the plan cuts across all sectors with emphasis on infrastructure, power, transportation, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.
“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 wrote.
The President said the projects will be implemented across the 36 states and the FCT and are expected to drive job creation, skills acquisition, entrepreneurship, poverty reduction and food security.
Akpabio referred the request to the Senate Committee on Local and Foreign Debts, chaired by Senator Haruna Manu, to work with the Committees on Appropriations and Finance. The joint committee is expected to report back within one week.
Akpabio noted that elements of the borrowing plan had earlier featured in the 2025-2027 Medium-Term Borrowing Plan and the budget.
