Tinubu Seeks Senate Approval for $20.51bn, €1.45bn Foreign Loans

President Bola Ahmed Tinubu has requested the Senate’s approval for external borrowing totalling $20.51 billion and €1.45 billion under the Federal Government’s 2026–2027 Supplementary External Borrowing Plan.

The request was presented in a letter read by Senate President Godswill Akpabio during plenary on Tuesday.

Tinubu said the proposed borrowing was necessary to enable the Federal Government to meet its obligations to Nigerians and finance critical sectors of the economy.

In the letter, the President urged the National Assembly to consider and approve the borrowing plan promptly to facilitate the timely execution of government projects.

He explained that the programmes under the plan were selected following technical and economic assessments, with attention to their anticipated contributions to Nigeria’s socioeconomic development.

According to the President, the initiatives are expected to generate employment, strengthen skills acquisition and entrepreneurship, reduce poverty and improve food security.

Akpabio, in his remarks, noted that some components of the borrowing plan had previously been considered during budget deliberations, while an external borrowing plan had also received approval in an earlier period.

The Senate President subsequently referred the request to the Senate Committee on Local and Foreign Debts, working alongside the Committees on Appropriation and Finance.

The committees are expected to submit their reports to the Senate within one week.