President Bola Tinubu has requested Senate approval for external loans totalling approximately $20.52 billion and €1.045 billion to fund projects and programmes under the Federal Government’s 2026–2027 supplementary external borrowing plan.

The request was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Tuesday.

In the letter, Tinubu asked the National Assembly to consider and approve the borrowing plan promptly to facilitate the implementation of the proposed projects.

The President said the funds would address infrastructure deficits and financing gaps across critical sectors, including electricity, transportation, healthcare, education, agriculture, water supply and security. The plan also covers employment generation and financial management reforms.

Tinubu explained that the projects and programmes had undergone technical and economic assessments to determine their potential contributions to national development.

He added that the initiatives were designed to support job creation, promote skills acquisition and entrepreneurship, reduce poverty and improve food security.

The President argued that the scale of Nigeria’s infrastructure requirements made additional external financing necessary to bridge funding shortfalls and support socioeconomic development.

He said most of the proposed projects would be implemented across the 36 states of the federation and the Federal Capital Territory.

Following the presentation of the request, Akpabio referred it to the Senate Committee on Local and Foreign Debts, chaired by Senator Haruna Manu, for detailed examination.

The committees on Appropriations and Finance are also expected to participate in reviewing the proposal before further legislative action.

Akpabio noted that aspects of the borrowing plan had featured in previous budgetary and external borrowing arrangements. He said the latest request would be scrutinised to clarify its scope and relationship with earlier approvals.

The Senate has yet to approve the request, which remains subject to legislative consideration.

The proposed borrowing forms part of the Federal Government’s financing strategy for infrastructure and other development priorities. Its eventual implementation will depend on the outcome of the Senate’s review and the necessary legislative approvals.