President Tinubu asks the Senate for $20.5bn and €1.05bn in foreign loans to build roads, fix power, and fund key public projects.
President Bola Tinubu has sent an official message to the Nigerian Senate asking them to grant approval for new foreign loans to help pay for major national projects.
The total amount the President wants to borrow from foreign institutions and lenders equals $20,517,755,901 (about ₦27.55 trillion) and €1,045,083,643 (about ₦1.57 trillion).
This money is meant to fill money shortages under the Federal Government’s supplementary borrowing plan for the years 2026 and 2027.
The request was formally presented to lawmakers during their meeting in the Senate chamber. Senate President Godswill Akpabio read out the letter sent by President Tinubu to all lawmakers.
The letter explained that the government needs these funds to fix broken roads, improve electricity supply, repair healthcare facilities, and support public services across the nation.
In his written letter to the lawmakers, President Tinubu stated: “I submit the attached Federal Government 2026–2027 Supplementary External Borrowing Plan for consideration and early approval of the National Assembly to ensure prompt implementation of our projects.”
The President explained to the Senate that Nigeria does not currently have enough internal money to pay for all the massive construction and development work needed across the country.
He made it clear that borrowing money from foreign lenders has become the only quick way to bridge the funding gap.
The plan outlines specific targets for the funds, including building better power lines, upgrading highways and rail lines, improving farm work to produce more food, bringing clean drinking water to towns, creating jobs for young people, and improving government financial systems.
President Tinubu also reassured lawmakers that the money will not be wasted. He noted that experts have carefully checked all the proposed projects to make sure they bring real benefits to everyday citizens.
He emphasized in his message: “The proposed projects have undergone technical and economic assessments to ensure they contribute to poverty reduction, skills development, entrepreneurship and national food security.”
After reading the letter, Senate President Godswill Akpabio directed the request to the Senate Committee on Local and Foreign Debts for immediate study.
This special committee is led by Senator Haruna Manu. To ensure a thorough review, the Senate President also instructed the Committee on Appropriations and the Committee on Finance to join in checking the details of the request.
Senate President Akpabio reminded the Senate that some parts of this debt request were previously included in earlier long-term borrowing plans that lawmakers looked at between 2025 and 2027.
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However, because this current request brings new figures and fresh loan additions, the lawmakers must re-examine the full details before making a final vote.
The committee has been asked to carry out its checks quickly. Their primary job is to find out which international banks will lend the money, what interest rates Nigeria will pay back, how long the payback period will be, and when the funds will actually arrive in Nigeria.
They will also verify that the borrowing fits safely within Nigeria’s existing debt management rules.
The lawmakers are expected to meet with government officials in charge of finance and economic planning over the coming days to review the exact breakdown of the proposed spending.
Once the committee finishes its investigation, it will bring a full report back to the main Senate floor so that lawmakers can make their final decision.
Jennifer Baba is a journalist, international news correspondent, and writer at Moderncrux, where she covers artificial intelligence, fintech, emerging technologies, global politics, and international affairs. Based in Nigeria, she is passionate about transforming complex global developments into clear, engaging stories that inform and inspire readers.
