FG Plans 2027 Budget Presentation and $21.7bn Borrowing

The Federal Government has initiated preparations for the 2027 budget, aiming to present it to the National Assembly before the end of 2026. Minister of State for Budget, Doris Uzoka-Anite, announced this timeline following a Federal Executive Council meeting chaired by President Bola Tinubu.

The government is defending a proposed $21.7 billion external borrowing program intended to finance infrastructure and priority development projects. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated that the borrowing would support productive investments and stimulate economic growth.

The proposal includes dollar- and euro-denominated financing for projects in transportation, security, healthcare, agriculture, energy, digital infrastructure, education, and social welfare. Approximately $10.6 billion is allocated for transportation infrastructure, including key highways and railway corridors.

The financing will involve multilateral institutions and is expected to prioritize concessional financing to reduce costs. The government aims to reduce inflation to single digits as part of its economic strategy.