Tinubu seeks lawmakers’ approval for $20.52bn, €1.05bn external loans

President Bola Tinubu has requested Senate approval for a proposed external borrowing plan involving $20.52 billion and €1.05 billion.

The request forms part of the federal government’s efforts to secure foreign financing for planned expenditure and development priorities.

According to Nairametrics, the borrowing proposal covers the 2026–2027 period and is intended to finance infrastructure and development projects across Nigeria.

In a letter read by Senate President Godswill Akpabio during Tuesday’s plenary, Tinubu identified power, transportation, healthcare, agriculture, education, water supply and security as priority sectors.

The president said the proposed projects would benefit all 36 states and the Federal Capital Territory.

“In light of the need for significant infrastructure investment in the country and the vast financial resources needed to address this gap, it has become essential to pursue prudent external borrowings to close the financing shortfall,” Tinubu said.

Akpabio referred the request to the Senate Committee on Local and Foreign Debts for consideration alongside the Appropriations and Finance committees.

The proposal comes as Nigeria’s public debt reached N166.79 trillion in June 2026, according to the Debt Management Office.