President Bola Tinubu has asked the Senate to approve $20.52 billion and €1.05 billion in external borrowing for development projects under the federal government’s 2026–2027 supplementary plan.
Senate President Godswill Akpabio read Tinubu’s request during Tuesday’s plenary, before referring it to the Committee on Local and Foreign Debts for scrutiny.
The letter puts the proposed facilities at $20,517,755,901 and €1,045,083,643, with funding intended for projects in power, transport, healthcare and other public services.
Tinubu said most of the projects would be implemented across the 36 states and the Federal Capital Territory. He said the financing was needed to close infrastructure funding gaps, and that the projects had undergone technical and economic assessments.
The request also covers agriculture, education, water supply and security programmes. The president said the proposed investments were intended to support employment, skills acquisition and food security.
Akpabio said the plan had appeared in earlier borrowing and budget arrangements. The debt committee will examine the new submission, with possible input from the appropriations and finance committees, before the Senate takes further action.
Sources: Premium Times; Punch; Daily Trust
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