President Bola Tinubu has asked the Senate to approve $20.5bn and €1.4bn external loans valued at ₦30.18trn for 2026-2027 to fund power, roads, health, education, agriculture and security projects. Senate President Akpabio refers request to debt committee.
President Bola Tinubu has sought legislative approval for *$20.51 billion and €1.45 billion* in external loans, valued at approximately *₦30.18 trillion*, to fund critical development projects across the country.
The President’s request was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Tuesday, October 27, 2026.
According to the letter, the requested funds — specifically *$20,517,755,901 and €1,045,083,643* — are part of the Federal Government’s *2026–2027 Supplementary External Borrowing Plan* aimed at addressing Nigeria’s persistent infrastructure deficit and bridging funding gaps across vital socio-economic sectors.
The targeted sectors include power, transportation, healthcare, education, agriculture, water supply, security, job creation, and financial management reforms.
In his letter, President Tinubu said: “I submit 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.”
He emphasized that all projects selected under the plan underwent technical and economic evaluations to maximize their impact on poverty reduction, skill acquisition, entrepreneurship, and national food security.
“In light of the need for significant infrastructure investment in the country and the vast financial resources needed to address this gap, it has become essential to pursue prudent external borrowings to close the financing shortfall,” Tinubu added.
Following the reading, Senate President Akpabio referred the request to the Senate Committee on Local and Foreign Debts chaired by Senator Haruna Manu, with collaboration from the Committees on Appropriations and Finance. The committee is expected to report back within one week.
The funds, if approved, will be used for national development, job creation, poverty reduction, and improving food production across the 36 states and FCT.
This article originally appeared on Imo Media Hub.
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