Again Tinubu Seeks Fresh $20.5bn, €1.04bn Loan

According to a report by DAILY POST on Tuesday 27 October 2026; President Bola Tinubu has approached the National Assembly for approval to secure fresh external loans worth $20.5 billion and €1.04 billion to finance infrastructure and development projects across Nigeria.

The request was formally presented to lawmakers through a letter read by Senate President Godswill Akpabio during plenary on Tuesday, October 27, 2026.

In the letter, Tinubu explained that the proposed borrowing would provide funding for critical infrastructure and other development initiatives across the country.

The request will require consideration by the National Assembly before the proposed loans can proceed through the necessary approval process.

The latest borrowing proposal comes amid ongoing public discussions about Nigeria’s debt profile, the government’s spending priorities and the economic implications of taking on additional external obligations.

With the 2027 general elections approaching, the proposed loans are also likely to attract public attention, particularly over the projects they are intended to finance and the benefits Nigerians stand to gain.

However, details of the individual projects, the terms of the proposed loans and the repayment arrangements were not disclosed in the initial announcement.