President Bola Tinubu has requested the Senate to approve a supplementary external borrowing plan of $20.52 billion and €1.05 billion for 2026–2027 to finance crucial infrastructure and improvement tasks throughout Nigeria.
The request was contained in a letter addressed to Senate President Godswill Akpabio and skim throughout plenary on Tuesday, in accordance with News Agency of Nigeria.
Tinubu mentioned the proposed funds would help key sectors, together with energy, transportation, healthcare, agriculture, training, water provide, safety and employment technology, whereas strengthening public monetary administration reforms.
He defined that the borrowing was supposed to deal with Nigeria’s infrastructure deficit and bridge the funding hole for tasks thought-about necessary to the nation’s socioeconomic improvement.
Borrowing plan targets nationwide tasks
Tinubu mentioned the proposed tasks and programmes have been chosen following technical and financial evaluations, with consideration given to their anticipated contributions to nationwide improvement.
According to the President, a lot of the tasks can be carried out throughout Nigeria’s 36 states and the Federal Capital Territory.
He argued that substantial funding remained obligatory to deal with longstanding infrastructure challenges and help financial progress.
- “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 mentioned.
He urged the Senate to present the request pressing consideration, saying approval would permit the federal government to satisfy its obligations to Nigerians via well timed fund disbursement and efficient venture implementation.
Senate refers request to committees
Akpabio mentioned the borrowing plan had featured within the Federal Government’s beforehand authorized borrowing programme.
- “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,” the Senate President mentioned.
He subsequently referred the request to the Senate Committee on Local and Foreign Debts for additional legislative consideration, in collaboration with the Committees on Appropriations and Finance.
The committees are anticipated to assessment the proposal as a part of the Senate’s consideration of the federal government’s external financing plans.
Nigeria’s public debt continues to rise
The proposed borrowing comes amid a rise in Nigeria’s public debt inventory.
Nigeria’s whole public debt rose to N166.79 trillion as of June 30, 2026, from N159.35 trillion on the finish of March, in accordance with knowledge from the Debt Management Office (DMO).
Domestic debt accounted for N91.59 trillion, representing 54.91% of the overall debt portfolio.
The nation’s debt inventory has additionally elevated considerably since Tinubu assumed workplace in 2023. DMO knowledge showed that Nigeria’s total public debt stood at N87.38 trillion as of June 30, 2023.
External and home debt have each grown since then. Nigeria’s external debt rose from $42.49 billion in December 2023 to $51.86 billion by December 2025, whereas home debt elevated from N59.1 trillion to N89.4 trillion over the identical interval.
