Tinubu Seeks Senate Approval for $20.52bn, €1.045bn in Foreign Loans

President Bola Tinubu has asked the Senate to approve a supplementary external borrowing plan worth $20.52 billion and €1.045 billion to finance projects and development programmes across Nigeria for the 2026–2027 fiscal period.

The request was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Tuesday, October 27, 2026. Tinubu urged the National Assembly to give the proposal urgent consideration, arguing that additional external financing was necessary to address the country’s infrastructure deficit and support economic growth.

According to the President, the proposed loans would support projects across several sectors, including power, transportation, healthcare, agriculture, education, water supply and security. The borrowing plan also covers employment generation and financial management reforms.

Tinubu said the projects had undergone technical and economic assessments and were selected based on their anticipated contributions to national development. He added that the proposed investments were expected to create jobs, promote skills acquisition and entrepreneurship, reduce poverty and strengthen food security. Most of the projects, he said, would be implemented across Nigeria’s 36 states and the Federal Capital Territory.

Following the presentation of the letter, Akpabio referred the proposal to the Senate Committee on Local and Foreign Debts for examination, in collaboration with the committees on Appropriations and Finance. The committees were given one week to review the borrowing plan and report back to the Senate.

The request has generated debate over Nigeria’s rising debt burden and the need for greater transparency in public borrowing. Former Vice-President Atiku Abubakar and members of the African Democratic Congress Presidential Campaign Council have questioned the proposal, calling for detailed information on the projects, contractors, costs and repayment terms before lawmakers approve the loans. These concerns contrast with the administration’s position that external financing is needed to fund major infrastructure and development priorities.
The proposed facilities have not yet received final legislative approval. The Senate committee’s review is expected to inform lawmakers’ decision on whether to approve the plan and under what conditions. The eventual effect on Nigeria’s public debt will depend on the amount authorised, the financing terms and how much of the proposed facilities is ultimately drawn.