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 Plan.

The president said the proposed facilities would support critical infrastructure, particularly in power, transportation and healthcare, while stressing the need for timely disbursement and effective implementation.

He urged lawmakers to give the request expeditious consideration, arguing that approval would enable the government to meet its commitments and accelerate delivery of the planned projects.

Following the presentation of the letter, the House referred the request to a joint Committee on Aids, Loans and

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

The committees are expected to examine the proposed loans, including their terms, intended uses and implications for public finances, before reporting back to the House for further action.

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

The outcome of the legislative process will determine whether the proposed facilities receive the House’s approval.