Tinubu Seeks Senate Approval for $20.5bn, €1.04bn Foreign Loans to Fund Projects

President Bola Tinubu has formally requested the Senate’s approval for a supplementary external borrowing plan amounting to $20.52 billion and €1.045 billion to finance infrastructure and development projects across Nigeria.

According to a report by Vanguard on Tuesday, October 27, 2026, the letter, addressed to Senate President Godswill Akpabio and read during plenary on Tuesday, outlines the borrowing plan for the 2026–2027 fiscal period.  

According to Tinubu, the loans are intended to bridge Nigeria’s significant infrastructure funding gap, stimulate economic growth, create jobs, and improve living standards.

The proposed financing will target critical sectors such as power, transportation, agriculture, healthcare, education, water supply, and national security.  

“The 2026–2027 Supplementary External Borrowing Plan cuts across all sectors, with specific emphasis on infrastructure, agriculture, health, education, water supply, growth, security and employment generation,” Tinubu stated in his letter.

He emphasized that the projects were selected after thorough technical and economic evaluations, with their anticipated contributions to socio-economic development serving as a guiding factor.  

Tinubu noted that the investments would generate employment, promote skills acquisition, foster entrepreneurship, reduce poverty, and strengthen food security.

He stressed that most of the projects would be implemented across the 36 states and the Federal Capital Territory, ensuring nationwide impact.  

Highlighting the urgency of the request, Tinubu urged the National Assembly to expedite approval to enable timely disbursement of funds and effective execution of projects.

“Given the urgent nature of these needs and the importance of stabilizing the country, it is crucial to seek the consideration and approval of the National Assembly,” he wrote.  

The Senate referred the proposal to its Committee on Local and Foreign Debts for review, with a report expected within one week.

The committee may collaborate with the Appropriations and Finance Committees to scrutinize the plan, which did not provide detailed breakdowns of individual projects or financing terms.  

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