By Lizzy Chirkpi
President Bola Tinubu has asked the National Assembly to approve external loans totalling $20.52bn and €1.045bn to finance projects across the country in 2026 and 2027.
The request was contained in a letter titled “Federal Government 2026–2027 Supplementary External Borrowing Plans”, which Senate President Godswill Akpabio read during Tuesday’s plenary.
In the letter, Tinubu said the proposed loans would finance projects in critical sectors, including infrastructure, agriculture, healthcare, education, water supply, security and job creation, as well as reforms in public financial management.
He said a significant portion of the funds would be directed towards infrastructure development, particularly in the power, transportation and healthcare sectors.
“These funds will primarily be directed towards critical infrastructure projects in various sectors, including power, transportation and healthcare, amongst others,” the President said.
Tinubu put the proposed borrowing at $20,517,755,901 and €1,045,083,643, adding that the projects would be implemented across the 36 states and the Federal Capital Territory.
Justifying the request, the President said substantial external financing was necessary to address Nigeria’s infrastructure deficit and meet its development needs.
“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 broader external borrowings to close the financing shortfall,” he said.
He assured lawmakers that the projects and programmes proposed for financing had undergone technical and economic assessments to establish their viability and potential contributions to national development.
“I want to emphasise that the projects and programmes included in the Borrowing Plan were selected based on thorough technical and economic evaluation, as well as their anticipated contribution to the socio-economic development of the country,” Tinubu said.
According to him, the investments are expected to generate employment, promote skills acquisition and entrepreneurship, reduce poverty and strengthen food security.
He added that the projects were designed to deliver broader economic and social benefits and improve living conditions, particularly for children.
“These initiatives aim to generate employment, promote skills acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child,” the President said.
The borrowing proposal now awaits consideration by the National Assembly, which must decide whether to grant the requested approval.