Tinubu Seeks Senate Approval for N21.5 Trillion Borrowing Plan

President Bola Tinubu has submitted a request to the Senate for approval of the Federal Government's 2026–2027 Supplementary External Borrowing Plan, totaling $20.52 billion and €1.05 billion, approximately $21.5 billion combined. This borrowing could increase Nigeria's external debt to over N200 trillion by the end of the year, depending on exchange rates and disbursements.

As of June 30, 2026, Nigeria's total public debt stood at N166.79 trillion, having risen by N7.44 trillion in three months. Tinubu's letter to Senate President Godswill Akpabio emphasized the necessity of these loans to bridge funding gaps and address critical infrastructure needs across all 36 states and the Federal Capital Territory.

The proposed projects include investments in power, transportation, healthcare, education, agriculture, and security. Tinubu stated that the projects have undergone assessments to ensure significant benefits, particularly in poverty reduction and food security.

He underscored the essential nature of external financing to meet Nigeria's vast infrastructure needs.