President Bola Tinubu has asked the Senate to approve external borrowing of $20.51bn and €1.45bn to cover funding gaps under the Federal Government’s 2026–2027 supplementary borrowing plan.
The request was presented to lawmakers on Tuesday, October 27, in a letter read during plenary by Senate President Godswill Akpabio.
Tinubu said the proposed borrowing was necessary to enable the Federal Government to meet its obligations to Nigerians and provide funding for critical sectors of the economy.
“I submit here, the attached Federal Government 2026–2027 Supplementary External Borrowing Plan for consideration and early approval of the National Assembly to ensure prompt implementation of our projects,” the President stated.
He explained that the programmes contained in the borrowing plan were selected following technical and economic assessments, with attention to their anticipated impact on Nigeria’s socioeconomic development.
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According to the President, the initiatives are intended to generate employment, strengthen skills acquisition and entrepreneurship, tackle poverty and improve food security.
Akpabio, in his remarks, noted that some components of the borrowing plan had previously been considered as part of the budget.
He also said an external borrowing plan had received approval during an earlier period.
Following the presentation, the Senate President referred the request to the Senate Committee on Local and Foreign Debts for further consideration, working alongside the committees on Appropriation and Finance.
The committees have been given one week to examine the proposal and submit their reports to the Senate.
The request will require legislative approval before the Federal Government can proceed with the proposed external borrowing.