Tinubu Seeks National Assembly’s Approval for Fresh $20.5bn, €1.04bn Foreign Loans

According to a report by Daily Post on Tuesday, October 27, 2026, President Bola Ahmed Tinubu has requested approval from the National Assembly to secure fresh external loans worth $20.5 billion and €1.04 billion to finance critical infrastructure and development projects across Nigeria.

The President’s request was presented to lawmakers in a letter read by Senate President Godswill Akpabio during plenary on Tuesday.

In the letter, Tinubu explained that the proposed borrowings were necessary to support major projects aimed at addressing the country’s infrastructure challenges and promoting national development.

The request is expected to be considered by the National Assembly, which has the constitutional responsibility of approving external borrowing proposals submitted by the Federal Government.

The proposed loans come at a time when Nigeria continues to face economic difficulties, including rising living costs, inflation and concerns over the country’s growing debt burden.

Tinubu’s administration has repeatedly defended borrowing as a necessary measure to finance infrastructure, stimulate economic growth and support development programmes.

However, the latest request for billions of dollars and euros in external loans could renew public debate over the government’s borrowing strategy and its implications for the country’s financial future.

The development is also coming as political activities gradually intensify ahead of the 2027 general elections.

With the next electoral cycle approaching, the government’s financial decisions are likely to attract increased scrutiny from opposition politicians, economic analysts and members of the public.

Many Nigerians have questioned the need for additional foreign loans, particularly amid concerns about existing public debt and the economic challenges confronting households and businesses.

Critics are expected to demand greater transparency regarding the specific projects the proposed funds would support, the terms of repayment and the expected benefits to citizens.

The National Assembly’s response to Tinubu’s request will determine whether the Federal Government receives authorisation to proceed with the proposed borrowing.

As discussions over the loan proposal continue, attention is likely to focus on how the administration intends to ensure that the funds are properly utilised and that the projects deliver measurable benefits to Nigerians.

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