President Bola Tinubu has asked the Senate to approve a proposed external borrowing plan worth $20.52 billion and €1.05 billion to fund infrastructure and development projects across Nigeria.
The request was conveyed to the National Assembly in a letter read by Senate President Godswill Akpabio during Tuesday’s plenary session.
The proposed loans are part of the Federal Government’s 2026-2027 Supplementary External Borrowing Plan, which is intended to finance key projects and help address the country’s infrastructure shortfall.
In his letter, Tinubu urged lawmakers to consider the proposal and grant approval promptly, highlighting the need to secure funding for ongoing and planned development initiatives.
The request comes amid persistent concerns about Nigeria’s growing public debt and the economic pressure facing households, including high inflation, rising living costs and declining purchasing power.
The Federal Government has maintained that external borrowing is necessary to support development projects and promote economic growth. However, critics have questioned whether the country can sustain its rising debt obligations and whether borrowed funds are being used effectively.
The Senate is expected to examine the proposal before deciding whether to approve the borrowing plan.
