President Bola Tinubu has asked the Nigerian Senate to approve a fresh external borrowing plan worth approximately $20.52 billion and €1.045 billion to finance projects across the country in 2026 and 2027.
The request was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Tuesday, October 27.
According to the President, the proposed loans will support projects in infrastructure, agriculture, healthcare, education, security, water supply and job creation.
Tinubu said the funding would help address Nigeria’s infrastructure deficit, particularly in the power, transportation and health sectors.
The proposed borrowing is expected to support projects across the 36 states and the Federal Capital Territory.
However, the request has attracted criticism from opposition figures, who have questioned the country’s increasing reliance on foreign borrowing.
Former Vice President Atiku Abubakar called for greater transparency regarding the projects the loans would finance, while Senator Victor Umeh also raised concerns about the government’s borrowing plans and accountability.
The Senate is expected to consider the request as part of its legislative responsibilities.
The proposed borrowing comes as Nigeria continues to face economic challenges, including rising living costs and pressure to fund infrastructure development.
The approval process will determine whether the Federal Government can proceed with the proposed external financing.
