Tinubu Seeks Senate Approval for $21.5 Billion Loan Plan

President Bola Tinubu has submitted a request to the Senate for approval of the Federal Government's 2026–2027 Supplementary External Borrowing Plan, which totals $20.52 billion and €1.05 billion, approximately $21.5 billion combined. This borrowing could push Nigeria's external debt beyond 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 increased by N7.44 trillion in three months. Tinubu's letter to Senate President Godswill Akpabio emphasizes the necessity of these loans to bridge funding gaps and address infrastructure deficits across all 36 states and the Federal Capital Territory.

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

He highlighted the urgent need for significant infrastructure investment and prudent external borrowings.