Tinubu Seeks Approval for $20.52bn and €1.045bn External Loans

According to reports by Punch, The Nation and Tribune Online on Wednesday, October 28, 2026, President Bola Tinubu has asked the National Assembly to approve external borrowing facilities totalling $20.52 billion and €1.045 billion under the Federal Government’s 2026–2027 Supplementary External Borrowing Rolling Plan.

The President’s request was contained in a letter read by Speaker of the House of Representatives, Abbas Tajudeen, during Wednesday’s plenary session in Abuja. A similar request was earlier presented in the Senate.

The proposed loans are earmarked for projects and programmes in critical sectors, including infrastructure, agriculture, healthcare, education, water supply, security and employment generation. Tinubu urged lawmakers to give the proposal expeditious consideration to facilitate the timely implementation of the planned projects.

In the letter, the President put the total facility at $20,517,755,901 and €1,045,083,643, noting that a detailed breakdown was attached for legislative scrutiny. He said the borrowing was necessary to bridge the country’s infrastructure funding gap, sustain economic growth, create jobs and improve the living conditions of Nigerians.

Following the presentation, the House referred the request to the joint Committees on Aids, Loans and Debt Management and Appropriations for further legislative action. The Senate had earlier referred a similar request to its Committee on Local and Foreign Debts with a directive to report within one week.

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