Abuja — President Bola Ahmed Tinubu has asked the National Assembly to approve a supplementary external borrowing plan of approximately $20.52 billion and €1.045 billion to finance infrastructure and development projects under the Federal Government’s 2026–2027 plan.
Senate President Godswill Akpabio read the President’s letter during plenary on Tuesday, October 27, 2026. The exact figures cited are $20,517,755,901 and €1,045,083,643. Some reports put the combined naira equivalent at around ₦29.12 trillion.
Tinubu said the funds are needed to address Nigeria’s persistent infrastructure deficit and close financing gaps in critical socio-economic sectors. Priority areas include power, transportation and healthcare, alongside education, agriculture, water supply, security, job creation and financial management reforms. Projects are expected to span the 36 states and the Federal Capital Territory.
“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,” the President wrote.
He stated that the selected projects had undergone technical and economic evaluations and were designed to contribute to poverty reduction, skills 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. The funds would primarily support critical infrastructure, particularly in power, transportation and healthcare.
Akpabio noted that elements of the borrowing framework had featured in earlier government borrowing plans approved for periods covering 2025–2027 (or into 2028 in some references). He referred the request to the Senate Committee on Local and Foreign Debts, chaired by Senator Haruna Manu, for detailed review, with expected input from the Committees on Appropriations and Finance. The committee was directed to report back within one week.
The request comes against the backdrop of previous approvals under the Tinubu administration. In July 2025, the Senate approved an external borrowing plan exceeding $21 billion for the 2025 and 2026 fiscal years. In March 2026, lawmakers approved facilities totalling about $6 billion, including a proposed $5 billion programme from First Abu Dhabi Bank and a $1 billion UK-backed export credit facility for Lagos port rehabilitation.
The latest proposal has drawn attention because it arrives less than 100 days before Nigeria’s scheduled January 16, 2027 general election. Critics have questioned the timing and the country’s rising debt levels, while the government maintains that the borrowing is necessary to sustain reforms, accelerate growth and fund priority projects.
No detailed project-by-project breakdown was contained in the letter read on the floor. The Senate committee’s review is expected to clarify the scope before any further legislative action.
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