President Bola Tinubu has asked the Senate to approve more than 20.5 billion dollars and over one billion euros in external borrowing under the Federal Government’s 2026 to 2027 supplementary borrowing plan. 

The request was conveyed in a letter read by Senate President Godswill Akpabio during plenary. According to the letter, the proposed loans are intended to address Nigeria’s infrastructure deficit and bridge funding gaps across critical sectors of the economy. 

The targeted sectors include power, transportation, healthcare, education, agriculture, water supply, security, job creation and financial management reforms. 

President Tinubu said the projects had undergone technical and economic evaluations to ensure they contribute to poverty reduction, skills development, entrepreneurship and national food security. 

He maintained that external borrowing had become necessary to mobilise the substantial resources required to address the country’s infrastructure challenges and support socio-economic development.