President Bola Tinubu has asked the Senate to approve a fresh $20.52 billion and €1.05 billion external borrowing plan for the 2026-2027 fiscal year to finance critical infrastructure and development projects.
The request was contained in a letter read by Senate President *Godswill Akpabio* during Tuesday’s plenary, October 27, 2026.
In the letter, Tinubu urged lawmakers for *early consideration and approval*, saying the funds are urgently needed to bridge Nigeria’s huge infrastructure deficit and fund projects in:
– Power
– Transportation & Roads
– Healthcare
– Education
– Agriculture & Water Supply
– Security & Job Creation
– Financial Management Reforms
> “I submit 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,” Tinubu wrote.
He explained that all projects in the plan have undergone technical and economic evaluation and were selected for their contribution to socio-economic development.
> “These initiatives aim to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child,” he added.
> “In light of the need for significant infrastructure investment… it has become essential to pursue prudent external borrowings to close the financing shortfall.”
According to the President, the projects will be implemented across *the 36 states and the Federal Capital Territory.*
*What Happens Next:*
Senate President Akpabio noted the plan had similarities with earlier approvals covering 2025-2027 but referred the fresh request to the *Senate Committee on Local and Foreign Debts*, with input from Appropriations and Finance committees, for detailed scrutiny.
The committee will examine how the new $20.517bn and €1.045bn request relates to previously approved borrowings and Nigeria’s rising debt profile before the Senate takes a final decision.
The move comes as the Federal Government seeks additional resources to fund growth and close long-standing gaps in public services.
