President Bola Tinubu has asked the National Assembly to approve a fresh external borrowing plan worth approximately $21.7 billion, raising the stakes in the debate over Nigeria’s public debt, infrastructure financing and future repayment obligations.
The request, presented to the Senate on Tuesday, covers the Federal Government’s 2026–2027 Supplementary External Borrowing Plan. It comprises approximately $20.52 billion and €1.045 billion in proposed external loans.
According to the President, the funds would support projects across infrastructure, agriculture, healthcare, education, water supply, security and employment generation, alongside financial management reforms.
Senate President Godswill Akpabio referred the request to the relevant committees and directed them to report within one week. The proposed borrowing has not yet received legislative approval.
Former Vice-President Atiku Abubakar has called on lawmakers to withhold approval until the government provides greater disclosure of the projects and financing arrangements.
The size of the proposal calls into question the intended use of the funds, the terms attached to the facilities, and the government’s capacity to meet future debt-service obligations. Legislative consideration will be central to determining whether the proposal proceeds and under what conditions.
RELATED NEWS:
behind Games Village, Abuja
5A, CGH, Games Village, Abuja