President Bola Ahmed Tinubu has asked the Senate to approve fresh foreign loans worth $20.5 billion and $1.04 billion.
Tinubu has sought the Senate’s approval for the 2026-2027 Supplementary External Borrowing Plan worth more than $20.5 billion and €1.045 billion.
In a letter read during plenary on Tuesday October 27, the President said the funds would be used to finance critical projects in infrastructure, agriculture, healthcare, education, security and other sectors.
“I submit here, 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” the President stated.
Tinubu said the programmes and projects under the plan had been selected following technical and economic evaluations, with consideration given to their anticipated contributions to Nigeria’s socioeconomic development.
According to him, the proposed financing was intended to support initiatives that would generate employment, promote skills acquisition and entrepreneurship, reduce poverty and strengthen food security.
Senate President Godswill Akpabio mentioned that the request did not constitute fresh borrowing and explained that the plan was already captured in the previously approved 2025-2026 Rolling Borrowing Plan.
The Senate subsequently referred the request to its Committee on Local and Foreign Debts for further consideration. The request is now before the Senate for consideration.
The committee was directed to report back to the Senate within one week.
-9News Nigeria.
