Tinubu Seeks Senate Approval for $20.5bn and €1.05bn External Loans

President Bola Tinubu has asked the Senate to approve a supplementary external borrowing plan of $20.52 billion and €1.05 billion for 2026 and 2027. The proposal is intended to close funding gaps for infrastructure and key sectors, including power, transport, health, education, agriculture, water supply, security and job creation. Senate President Godswill Akpabio referred the request to the Senate Committee on Local and Foreign Debts for review, alongside the Appropriations and Finance committees. The review will examine the borrowing framework, disbursement timeline and its alignment with Nigeria’s debt management plan.

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