President Tinubu Seeks Senate Approval To Borrow $20.5bn (₦27.55 trillion) and €1.05bn (₦1.57 trillion) For 2026–2027 Projects President Bola Tinubu has asked the Senate to approve an external borrowing plan of $20.52 billion and €1.05 billion to bridge funding gaps under the Federal Government’s 2026–2027 supplementary borrowing plan. Senate President Godswill Akpabio read the President’s request during plenary on Tuesday, stating that the proposed loans would help address Nigeria’s infrastructure deficit and fund critical sectors of the economy. In the letter, Tinubu requested approval for $20,517,755,901 and €1,045,083,643, with investments planned for power, transportation, healthcare, education, agriculture, water supply, security, job creation and financial management reforms. “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. Tinubu said the proposed projects had undergone technical and economic assessments to ensure they contribute to poverty reduction, skills development, entrepreneurship and national food security. He added that external borrowing had become necessary to meet the country’s substantial infrastructure financing needs. Following the presentation, Akpabio referred the request to the Senate Committee on Local and Foreign Debts, chaired by Senator Haruna Manu, for detailed review, with support from the Committees on Appropriations and Finance. Akpabio noted that aspects of the borrowing framework had featured in earlier government borrowing plans approved for 2025–2027. However, he said the committee would examine the scope of the latest request before further legislative action. The committee’s review is expected to clarify the proposed borrowing arrangements, disbursement timeline and alignment with Nigeria’s existing debt management framework.