President Bola Tinubu has asked the Senate to approve a supplementary external borrowing plan of $20.52 billion and €1.05 billion for 2026–2027 to fund infrastructure and development projects across the country.
The request was contained in a letter to Senate President Godswill Akpabio and read during plenary on Tuesday. Tinubu said the funds would support power, transportation, healthcare, agriculture, education, water supply, security and job creation, while also strengthening public financial management reforms.
He argued that the borrowing is needed to close Nigeria’s infrastructure gap and finance projects considered critical to socioeconomic development. Most of the proposed projects, he said, would be implemented across the 36 states and the Federal Capital Territory after technical and economic evaluations.
Tinubu urged the Senate to treat the request with urgency so that funds can be disbursed and projects implemented on time.
Senate Sends Plan to Committees
Akpabio noted that the borrowing plan had already featured in the Federal Government’s previously approved borrowing programme and that an external borrowing framework for 2025–2027 had been cleared earlier. He referred the request to the Senate Committee on Local and Foreign Debts for further consideration, in collaboration with the Committees on Appropriations and Finance.
Debt Stock Already Elevated
The request comes as Nigeria’s public debt continues to rise. Total public debt stood at ₦166.79 trillion as of 30 June 2026, up from ₦159.35 trillion at the end of March, according to Debt Management Office data. Domestic debt accounted for ₦91.59 trillion, or about 54.9% of the total.
When Tinubu took office in 2023, total public debt was ₦87.38 trillion as of 30 June that year. External debt rose from $42.49 billion in December 2023 to $51.86 billion by December 2025, while domestic debt increased from ₦59.1 trillion to ₦89.4 trillion over the same period.
What Happens Next
Approval of the new external borrowing plan would add a significant foreign-currency component to the government’s financing programme for 2026–2027. Lawmakers will now scrutinise the proposal, including the projects to be funded, the terms of the loans and their implications for debt sustainability, before any final decision is taken.
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