President Bola Tinubu has asked the Nigerian Senate to approve the Federal Government's 2026-2027 Supplementary External Borrowing Plan, totalling $20.52bn and €1.05bn, to finance infrastructure and development projects nationwide. The request was transmitted to the National Assembly and read during Tuesday's Senate plenary by President of the Senate Godswill Akpabio. Tinubu urged lawmakers to give the plan early consideration and approval, stating that the funds would support critical projects in infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.
The President said external financing was necessary to address Nigeria's infrastructure deficit and bridge funding gaps hampering development projects. He explained that initiatives in the plan had undergone technical and economic evaluations and were selected to contribute to socioeconomic development. According to Tinubu, the projects and programmes aim to generate employment, promote skills acquisition and entrepreneurship, reduce poverty and enhance food security. He noted that most projects would be implemented across the 36 states and the Federal Capital Territory, with funds primarily channelled into critical infrastructure in power, transportation and healthcare sectors.
Tinubu argued that the scale of Nigeria's infrastructure needs made additional financing essential. He stated that external borrowing would help close the financing shortfall while maintaining a prudent approach. The President urged the Senate leadership and broader National Assembly to approve the plan promptly, saying that timely approval would facilitate disbursements and accelerate project implementation.
Senate President Akpabio said the borrowing plan had featured in previous government borrowing and budgetary arrangements, though he expressed uncertainty about the exact period of earlier approval. He noted that an external borrowing plan had been approved between 2025 and 2027 or 2028. Akpabio said the new request would be referred to the Senate Committee on Local and Foreign Debts for consideration, with possible input from the Committees on Appropriations and Finance. The committee's review is expected to examine the details of the proposed borrowing plan and its relationship with previously approved financing arrangements before the Senate determines next steps.
The request comes as the Federal Government seeks additional resources to finance infrastructure development and programmes aimed at supporting economic growth and addressing longstanding deficits in public services. The Senate's consideration will be a key step in determining whether the proposed external financing receives the necessary legislative approval. For savers, borrowers and businesses, the approval of this borrowing plan would affect the overall fiscal position and monetary conditions in Nigeria, influencing interest rates and economic activity as the funds are deployed across sectors.