President Bola Tinubu has asked the Senate to approve $20.51 billion and €1.45 billion in external loans to bridge funding gaps in the Federal Government’s 2026 to 2027 supplementary borrowing plan.
The request was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Tuesday.
In the letter, Tinubu urged the National Assembly to consider and approve the borrowing plan to enable the Federal Government to meet its obligations to Nigerians and finance critical sectors of the economy.
“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,” the President stated.
Tinubu explained that the proposed borrowing plan was developed following technical and economic assessments, with consideration given to the expected contributions of the projects to Nigeria’s socioeconomic development.
According to him, the initiatives under the plan are designed to create employment opportunities, promote skills acquisition and entrepreneurship, reduce poverty and improve food security.
The President said the proposed funding would support the implementation of projects intended to strengthen economic development and improve the welfare of Nigerians.
Reacting to the request, Akpabio said some components of the borrowing plan had previously been considered during budget deliberations, while an external borrowing plan had also received approval in an earlier period.
The Senate President subsequently referred the request to the Senate Committee on Local and Foreign Debts, in collaboration with the committees on Appropriation and Finance, for further legislative consideration.
The committees are expected to report back to the Senate within one week.
