Tinubu Seeks Senate Authorisation for Fresh $20.5bn, €1.05bn Loans

By Modupe Gbadeyanka

President Bola Tinubu has written to the Senate for approval to borrow fresh loans of $20.5 billion and €1.05 billion, amounting to about N29.12 trillion.

In a letter to the red chamber of the National Assembly on Tuesday, October 27, 2026, Mr Tinubu disclosed that the money would be used to execute projects under the 2026–2027 supplementary borrowing plan.

“I submit 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 wrote in the letter read during plenary by the Senate President, Mr Godswill Akpabio.

Mr Akpabio informed his colleagues that President Tinubu wants the funds to bridge the country’s infrastructure gap in power, transportation, healthcare, education, agriculture, water supply, and others.

According to him, the proposed projects had undergone technical and economic assessments to ensure they contribute to poverty reduction, skills development, entrepreneurship and national food security.

After reading the letter, the Senate President referred it to the Senate Committee on Local and Foreign Debts, headed by Mr Haruna Manu, for detailed review, with support from the Committees on Appropriations and Finance.

Mr Akpabio noted that aspects of the borrowing framework had featured in earlier government borrowing plans approved for 2025–2027, but stressed that the committee would examine the scope of the latest request before further legislative action.