BREAKING: Tinubu Seeks Fresh Approval for $20.52bn, €1.05bn External Loans

• President Bola Tinubu has requested National Assembly approval for a supplementary external borrowing plan covering 2026–2027.
  • The proposed loans would finance infrastructure and other development programmes, with Senate committees assigned to examine the request.

President Bola Tinubu has asked the National Assembly to approve external loans of $20.52 billion and approximately €1.05 billion under the Federal Government’s 2026–2027 Supplementary External Borrowing Plan.

VerseNews reports that Senate President Godswill Akpabio read the President’s request during plenary on Tuesday, October 27, 2026.

The proposed financing comprises $20,517,755,901 and €1,045,083,643. In his letter, Tinubu said the funds would help close financing gaps affecting development projects and address Nigeria’s infrastructure needs.

The request remains subject to legislative consideration. Its presentation does not mean the loans have been approved or disbursed.

Power, transportation and healthcare among priority sectors

According to the President, the proposed borrowing would support projects in infrastructure, agriculture, healthcare, education, water supply and security.

Employment generation and public financial management reforms also feature in the plan.

Tinubu identified power, transportation and healthcare as major areas for investment, arguing that the scale of Nigeria’s infrastructure requirements makes additional financing necessary.

He said the projects had undergone technical and economic assessments, with attention to their expected contribution to national development.

The administration expects the proposed investments to support job creation, skills development, entrepreneurship, poverty reduction and food security. These are the government’s stated objectives rather than outcomes already achieved.

Projects intended to cover states and FCT

Tinubu said most of the projects and programmes would be implemented across the 36 states and the Federal Capital Territory.

He urged lawmakers to consider the request promptly, saying timely approval would support the release of funds and implementation of the proposed investments.

The President maintained that external financing would help the government address longstanding development challenges and meet its obligations to Nigerians.

Senate committees to examine borrowing proposal

Following the presentation, Akpabio referred the request for committee scrutiny, with the Senate Committee on Local and Foreign Debts taking the leading role.

The Senate President noted that elements of the borrowing framework had appeared in earlier government financing arrangements. The committee review is therefore expected to clarify the scope of the latest request and its relationship with previously approved plans.

Further legislative action will follow the examination of the proposal.

Umeh questions implementation of previous borrowing

The request has also prompted questions about the use of earlier loans and the funding of capital projects.

Senator Victor Umeh, who represents Anambra Central, said lawmakers needed clearer explanations about previous borrowing approvals and outstanding payments to contractors.

Speaking during a television interview on Tuesday, Umeh questioned why some budget commitments remained unfunded despite repeated approvals for loans intended to support implementation.

His comments raised concerns about accountability and project delivery; they did not establish that borrowed funds had been diverted.

The Senate committees were directed to report back within one week. Their findings are expected to inform lawmakers’ consideration of the proposed financing.