Tinubu Seeks Approval For $20.5bn, €1.4 External Borrowing For 2026/2027 Plan

President Bola Tinubu is seeking approval of the Senate for $20.51 billion and €1.45 billion external borrowing to bridge what he described as funding gaps in the 2026/2027 supplementary budget.

The President’s request was conveyed through a letter addressed to the President of the Senate, Godswill Akpabio and read during the plenary on Tuesday.

According to him, the borrowing was necessitated by the urgent need for the Federal Government to fulfill its obligations to the Nigerian people.

Tinubu listed areas such as infrastructure, power, transportation, healthcare, security, agriculture, water supply, education, food security and employment generation.

The President further stated that the funds would be utilised to address funding gaps in the afore stated critical sectors in the 36 states of the federation and the Federal Capital Territory (FCT).

“I submit here, the attached Federal Government 2026–2027 Supplementary External Borrowing Plan for consideration and early approval of the National Assembly to ensure prompt implementation of our projects,” Tinubu stated.

The President further explained that the projects and programmes under the plan were selected following technical and economic evaluations, with consideration given to their anticipated contributions to Nigeria’s socioeconomic development.

“These initiatives aim to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child,” Tinubu added.

He stressed that substantial investment in infrastructure remained necessary to support economic growth and address longstanding development challenges.

“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 prudent external borrowings to close the financing shortfall,” the President stated.

Tinubu urged the Senate leadership and the entire National Assembly to give the request urgent consideration, arguing that approval would enable the government to meet its obligations to Nigerians through timely disbursements and effective project implementation.

Reacting to the request, Akpabio, noted that the borrowing plan had previously featured in the government’s approved borrowing arrangements.

He said the request would be referred to the Senate Committee on Local and Foreign Debts for consideration, with possible collaboration from the Committees on Appropriations and Finance.

Akpabio observed that the external borrowing plan had already received approval in previous budgetary and borrowing arrangements, although he expressed uncertainty about the exact period covered by the earlier approval.

“The borrowing plan is attached, but of course, this was even earlier approved in our budget, and also the external borrowing plan was approved as far back as 2025 to 2027, I think to 2028 or thereabout,” Akpabio said.

He added that the Senate would examine the request through its relevant committees.

“However, this request will be looked at by the Committee on Local and Foreign Debts, probably in collaboration with Appropriation and Finance, but majorly by the Committee on Local and Foreign Debts,” the Senate President stated.