Tinubu Asks Senate to Approve Fresh $20.5bn, €1.04bn Loans for Infrastructure

President Bola Tinubu has written to the Senate requesting approval for a supplementary external borrowing plan of $20.52 billion and €1.05 billion to fund infrastructure and economic development projects across Nigeria.
​Senate President Godswill Akpabio read the executive communication during Tuesday’s plenary. The proposal covers the 2026–2027 fiscal period and targets key public sectors, including power, transportation, healthcare, agriculture, education, water supply, security, and financial management reforms.
​Bridging the Infrastructure Gap
​In the letter, President Tinubu stressed that external financing is necessary to bridge the country’s funding shortfall, stimulate economic recovery, and improve living conditions nationwide.
​Key highlights from the President’s request include:
​Nationwide Scope: The majority of the projects will be implemented across all 36 states and the Federal Capital Territory (FCT).
​Target Sectors: Funds will primarily drive major capital investments in power grids, transport networks, and public health facilities.
​Socio-Economic Goals: The intervention aims to accelerate job creation, promote skill acquisition, foster entrepreneurship, support food security, and reduce poverty.
​Selection Process: According to the presidency, projects were chosen following technical and economic assessments evaluating their developmental impact.
​Senate Sets One-Week Review Window
​Following the presentation, Senate President Akpabio referred the borrowing plan to the Senate Committee on Local and Foreign Debts for legislative review. The committee—working in collaboration with the Finance and Appropriations committees—has been directed to present its report within one week.
​While the letter outlined the financial targets and beneficiary sectors, it did not detail individual project allocations or specific loan repayment terms. These details are expected to form part of the committee’s upcoming review.