Atiku faults Tinubu’s request for $20.52bn, €1.05bn loans

President Bola Tinubu has asked the National Assembly to approve the Federal Government’s 2026–2027 Supplementary External Borrowing Plan, involving $20.52bn and €1.05bn, to finance infrastructure.

In the letter, Tinubu urged the lawmakers to give the borrowing plan early consideration and approval, saying the funds would support critical projects and programmes in.

approval of the National Assembly to ensure prompt implementation of our projects.

Tinubu explained that the projects and programmes included in the plan had been selected following technical and.

borrowings to close the financing shortfall,

Tinubu stated. He added that the funds would primarily be channelled into critical infrastructure, particularly in the power, transportation and.

budgetary arrangements, although he expressed uncertainty about the exact period covered by the earlier approval.

Atiku had, on October 12, 2026, raised concerns over reports that the President was preparing to borrow up to $20bn in connection with the coastal highway. He said Tinubu neither confirmed nor denied the allegation nor published the accounts he had requested. According to him, the subsequent request for approval to borrow $20.52bn and €1.045bn reinforced his concerns about the administration’s borrowing plans.