In a bid to close Nigeria’s infrastructure financing gap, President Bola Tinubu is seeking fresh external loans totalling over $20.5 billion and €1.04 billion.
The request is contained in the Federal Government’s 2026–2027 Supplementary External Borrowing Plan, which was laid before the Senate on Tuesday.
Senate President Godswill Akpabio read the President’s letter during plenary, where Tinubu put the total value of the facilities at $20,517,755,901 and €1,045,083,643.
He said the money will fund critical programmes in electricity, transport, agriculture, health, education, water, security and job creation.
According to Tinubu, the borrowing is a prudent step to address the shortfall hampering development projects nationwide, stressing that all listed projects have undergone economic and technical appraisal.
He urged the lawmakers to treat the plan with urgency to enable quick release of funds and execution across the 36 states and the FCT.
The Senate has since sent the document to its Committee on Local and Foreign Debts, which is expected to report back within one week alongside the Finance and Appropriations committees.
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