UPDATED: Tinubu seeks Senate approval of $20.52bn, €1.05bn foreign loans
by The Eagle Online · The Eagle OnlinePresident Bola Tinubu has sought the approval of the Senate for 2026–2027 supplementary external borrowing plan of $20.52 billion dollars and 1.05 billion euros.
Tinubu’s request is contained in a letter addressed to Senate President Godswill Akpabio and read at plenary on Tuesday.
Tinubu said the proposed borrowing plan would be utlised on critical sectors of the economy, including infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.
He said the funds would help address the country’s infrastructure deficit and bridge the financing gap required to implement critical development projects.
The president said that the projects and programmes under the plan were selected following technical and economic evaluations, with consideration on its anticipated contributions to Nigeria’s socioeconomic development.
“These initiatives aim to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child,” he said.
Tinubu said most of the projects and programmes would be implemented across 36 states and the Federal Capital Territory.(FCT ).
He said substantial investment in infrastructure remained necessary to support economic growth and address longstanding development challenges.
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“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,” the President said.
He said the funds, primarily would be channelled into critical infrastructure projects, particularly in the power, transportation and healthcare sectors.
Tinubu urged the Senate to give the borrowing plan urgent consideration, adding that approval would enable the government meet its obligations to Nigerians through timely disbursements and effective project implementation.
Senate President Godswill Akpabio in his remarks said that the borrowing plan had been previously featured in the approved borrowing plan of the federal government.
He thereafter referred the request to Senate Committee on Local and Foreign Debts for further legislative inputs with collaboration from the Committees on Appropriations and Finance.
“The borrowing plan is attached, but of course, this was even earlier approved in our budget, and also the external borrowing plan was approved as far back as 2025 to 2027,” Akpabio said.
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