By Ajibola Olaide, JKNewsMedia Reporter
NIGERIA’s FEDERAL Government’s has revealed its plan to secure billions of dollars and euros in fresh external loans for its 2026 to 2027 supplementary borrowing programme which will undergo legislative scrutiny after the Senate referred President Bola Tinubu’s request to relevant committees for examination.
JKNewsMedia.com reports that President Tinubu is seeking approval to borrow $20,517,755,901 and €1,045,083,643 to address funding gaps and finance projects across critical sectors of the economy.
The request was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Tuesday.
In the letter, the President urged the National Assembly (NASS) to consider and approve the proposed Federal Government 2026 to 2027 Supplementary External Borrowing Plan promptly to facilitate the implementation of the projects.
“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 proposed financing would help address Nigeria’s persistent infrastructure deficit and close funding shortfalls affecting key socioeconomic sectors, including power, transportation, healthcare, education, agriculture, water supply, security, job creation and financial management reforms.
Also, the President maintained that the projects selected for financing had undergone technical and economic evaluations to assess their potential contributions to national development.
He said the proposed interventions were designed to reduce poverty, promote skills acquisition and entrepreneurship, create employment opportunities and strengthen national food security.
“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 prudent external borrowings to close the financing shortfall,” Tinubu added.
However, the request must pass through the Senate’s review process before lawmakers can determine the next steps towards approval.
Akpabio referred the proposal to the Senate Committee on Local and Foreign Debts, chaired by Senator Haruna Manu, for detailed examination in collaboration with the Committees on Appropriations and Finance. The committees have one week to review the request and report back to the Senate.
During plenary, Akpabio indicated that elements of the proposed borrowing arrangements had featured in earlier government financing plans and budgetary considerations, raising the need to clarify the scope of the latest request.
“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,” he said.
He added that the debt committee would examine the proposal to establish the details before the Senate takes further action.
“However, this request will be looked at by the Committee on Local and Foreign Debts… to clarify the scope before further action,” Akpabio stated.
But the letter, as reported, did not specify the projects to be funded, the proposed lenders, loan terms or repayment schedules.
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