By Olugbenga Salami
President Bola Tinubu has asked the National Assembly to approve a fresh supplementary external borrowing plan of $20.52 billion and €1.05 billion to fund infrastructure and social projects nationwide.
In a letter to Senate President Godswill Akpabio and read during plenary on Tuesday, Tinubu sought early approval of the Federal Government’s 2026-2027 Supplementary External Borrowing Plan to ensure prompt projects implementation.
He stated that the plan cuts across infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.
According to the President, the total facility amounts to $20,517,755,901 and €1,045,083,643.
“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 said the projects were selected after thorough technical and economic evaluation for their contribution to socio-economic development, aimed at job creation, skill acquisition, entrepreneurship, poverty reduction and food security.
“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 said.
Tinubu said most of the projects will be implemented across the 36 states and the FCT, noting that huge infrastructure gaps require external borrowing to close financing shortfalls, particularly in power, transportation and healthcare.
In his remarks after reading the letter, Akpabio said the plan featured in earlier approved borrowing arrangements but still required legislative scrutiny.
“The borrowing plan is attached, but of course, this was even earlier approved in our budget, and also the external borrowing plan was approved as far back as 2025 to 2027, I think to 2028 or thereabout,” Akpabio said.
He referred the request to the Senate Committee on Local and Foreign Debts, in collaboration with Committees on Appropriations, and Finance, to report back in one week.
