President Bola Tinubu has asked the National Assembly to approve supplementary external borrowing of $20.52bn and €1.045bn for the 2026-2027 fiscal period, saying the money is needed to close Nigeria’s infrastructure funding gap.
The request was read by Senate President Godswill Akpabio during plenary on Tuesday and referred to the Senate and House of Representatives committees on Local and Foreign Debts. Akpabio directed them to report back within one week, signalling a fast-tracked review. He said the request was not entirely new, as it had already been captured in the 2026 budget.
In his letter, Tinubu said the facilities would fund projects in power, transportation, healthcare, agriculture, education, water supply, security and employment generation.
“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 broader external borrowings to close the financing shortfall,” he said.
The President said the projects were chosen after technical and economic evaluations, with emphasis on their contribution to national development. He added that they were expected to create jobs, build skills, encourage entrepreneurship, reduce poverty and strengthen food security.
According to him, most of the projects will be executed across the 36 states and the Federal Capital Territory. He urged lawmakers to consider the request quickly to allow timely disbursement and implementation.
The proposed borrowing now awaits the committees’ consideration.