President Bola Tinubu has sought the Senate’s approval for a supplementary external borrowing plan of $20.52 billion and €1.045 billion to finance infrastructure and development projects across the country in the 2026–2027 fiscal period.

The request was contained in a letter addressed to the President of the Senate, Godswill Akpabio, who read it during plenary on Tuesday.

Following the presentation, Akpabio referred the proposal to the Senate Committee on Local and Foreign Debts for further legislative consideration and directed the committee to report back within one week.

In the letter, Tinubu said the proposed loans would support projects across critical sectors, including power, transportation, agriculture, healthcare, education, water supply and security, as well as employment generation and financial management reforms.

He argued that the proposed external financing had become necessary to address the country’s infrastructure deficit, sustain economic growth and improve the living conditions of Nigerians.

“The 2026–2027 Supplementary External Borrowing Plan cuts across all sectors, with specific emphasis on infrastructure, agriculture, health, education, water supply, growth, security and employment generation, as well as financial management reforms, amongst others,” the president said.

According to the letter, the proposed facilities amount to $20,517,755,901 and €1,045,083,643, with the projects selected following technical and economic assessments.

Tinubu said the proposed investments were expected to generate employment, promote skills acquisition, encourage entrepreneurship, reduce poverty and strengthen food security.

“These initiatives aim to generate employment, promote skills acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child,” he said.

The president disclosed that most of the projects would be implemented across the 36 states and the Federal Capital Territory, stressing that the nationwide distribution was intended to address development needs across the federation.

He maintained that the scale of Nigeria’s infrastructure deficit and the resources required to address it had made additional external borrowing necessary.

“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 broader external borrowings to close the financing shortfall,” Tinubu said.

He identified power, transportation and healthcare as key sectors expected to benefit from the proposed financing, adding that prompt legislative approval would facilitate the timely release of funds and implementation of the projects.

“Given the urgent nature of these needs and the importance of stabilising the country, it is crucial to seek the consideration and approval of the National Assembly leadership and the entire National Assembly for the 2026–2027 Supplementary External Borrowing Plan,” he said.

Tinubu added that approval would enable the government to fulfil its obligations to Nigerians through timely disbursement and effective project execution.

The Senate Committee on Local and Foreign Debts is expected to examine the proposal, potentially in collaboration with the Committee on Appropriations and other relevant committees, before submitting its report to the Senate.