Tinubu asks Senate to approve $20.5bn, €1.04bn foreign loans

President Tinubu has sought the Senate’s approval for a 2026–2027 Supplementary External Borrowing Plan worth more than $20.5 billion and €1.045 billion.

In a letter read during plenary today October 27, the President said the funds would be used to finance critical projects in infrastructure, agriculture, healthcare, education, security and other sectors.

He said the proposed financing was aimed at accelerating economic growth, creating jobs and reducing poverty.

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 committee was directed to report back to the Senate within one week.