By Jane Okafor, Abuja
President Bola Tinubu has written to the Senate seeking approval for a supplementary external borrowing plan of $20.52 billion and €1.045 billion to fund infrastructure and development projects across the country.
The letter was addressed to the President of the Senate, Senator Godswill Akpabio, who read it on Tuesday during plenary.
Tinubu said the borrowing plan, which covers the 2026–2027 fiscal period, targets critical sectors including power, transportation, agriculture, healthcare, education, water supply and security.
In the letter titled “Federal Government 2026-2027 Supplementary External Borrowing Plans,” the President said:
“I write in reference to the above subjects and to submit the attached Federal Government 2026-2027 Supplementary External Borrowing Plans for consideration and early approval of the National Assembly to ensure prompt implementation of our projects.
“The 2026-2027 Supplementary External Borrowing Plan cuts across all sectors with specific emphasis on infrastructure, agriculture, health, education, water supply, growth, security, and employment generation, as well as financial management reforms, amongst others.
“The total facility for the projects and programs under the Borrowing Growing Plan is $20,517,000,000 and €1,045,083,643 respectively and the summary of the breakdown is attached to this presents.
“So, Distinguished colleagues, in light of the removal of the critical reforms of my administration, the need to accelerate growth of the national economy provides support for the External Borrowing Plan, which amounts to $20,517,755,901, and €1,045,083,643.
“I want to emphasize that the projects and programs included in the Borrowing Plan were selected based on thorough technical and economic evaluation, as well as their anticipated contribution to the socio-economic development of the country.
“These initiatives aim to generate employment, promote skilled acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child.
“The majority of these projects and programs will be implemented across all the 36 states and the Federal Capital Territory. 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.
“These funds will primarily be directed towards critical infrastructure projects in various sectors, including power, transportation and healthcare, amongst others.
“Given the urgent nature of these needs and the importance of stabilizing the country, it is crucial to seek the consideration and approval of the National Assembly leadership and the entire National Assembly for the 2026-2027 Supplementary External Borrowing Plan.
“This will enable the government to fulfill its obligations to the Nigerian people through timely disbursements and effective project implementation.”
The President also said in the letter:
“The 2026–2027 Supplementary External Borrowing Plan cuts across all sectors, with specific emphasis on infrastructure, agriculture, health, education, water supply, growth, security and employment generation, as well as financial management reforms, amongst others.”
He added:“I want to emphasise that the projects and programmes included in the Borrowing Plan were selected based on thorough technical and economic evaluation, as well as their anticipated contribution to the socio-economic development of the country.”
“These initiatives aim to generate employment, promote skills acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child.”
“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.”
“These funds will primarily be directed towards critical infrastructure projects in various sectors, including power, transportation and healthcare, amongst others.”
“Given the urgent nature of these needs and the importance of stabilising the country, it is crucial to seek the consideration and approval of the National Assembly leadership and the entire National Assembly for the 2026–2027 Supplementary External Borrowing Plan.”
“This will enable the government to fulfil its obligations to the Nigerian people through timely disbursements and effective project implementation.”
Following the reading of the letter, Akpabio referred it to the Senate Committee on Local and Foreign Debts for further legislative action, to report back at plenary within one week.
The committee is expected to examine the proposal, potentially in collaboration with the Committee on Appropriations and other relevant committees.
