Tinubu seeks Reps’ nod for $20.52bn, €1.045bn external loans

President Bola Tinubu has asked the House of Representatives to approve external borrowing facilities totalling $20.52bn and €1.045bn under the Federal Government’s 2026–2027 Supplementary External Borrowing Rolling Plan.

The proposed loans are intended to finance projects and programmes in infrastructure, agriculture, healthcare, education, water supply, security and employment generation, among other sectors.

Tinubu’s request was conveyed in a letter read by the Speaker, Tajudeen Abbas during Wednesday’s plenary.

Explaining the rationale for the borrowing plan, Tinubu said the administration’s reform agenda and the need to

He added that most of the projects and programmes would be implemented across the 36 states and the Federal Capital Territory.

Tinubu said the country’s infrastructure deficit required substantial investment, which the government

has become essential to pursue prudent external borrowing to close the financial shortfall,” he said.

The proposed borrowing plan will require legislative scrutiny before the government can proceed with the facilities covered by the request.

The request adds to the ongoing debate over how Nigeria can finance its infrastructure and development needs while managing its public debt obligations.