RismadarVoice Reporters
October 27, 2026
President Bola Tinubu has requested the National Assembly’s approval for a supplementary external borrowing plan comprising $20.51 billion and €1.45 billion to finance critical development projects between 2026 and 2027.
The request was contained in a letter addressed to Senate President Godswill Akpabio and read during plenary on Tuesday.
Tinubu explained that the proposed loans would help bridge financing gaps in the Federal Government’s development programme and support investments in infrastructure and essential public services.
According to the President, the funds would be directed towards priority sectors, including power, transportation, healthcare, agriculture, education, water supply and security.
He said the proposed projects were selected following technical and economic assessments of their potential contributions to national development.
The President maintained that improved infrastructure was necessary to strengthen economic productivity, attract investment and expand employment opportunities.
He also identified food security, poverty reduction, entrepreneurship and skills development as expected benefits of the proposed investments.
Tinubu argued that Nigeria’s infrastructure requirements demanded substantial financial resources beyond available domestic funding.
He therefore urged lawmakers to give the borrowing plan prompt consideration to enable the timely implementation of approved projects.
The President further explained that the proposed investments would benefit communities across the 36 states and the Federal Capital Territory.
Reacting to the communication, Akpabio acknowledged the request and indicated that it would undergo legislative scrutiny.
He said the Senate Committee on Local and Foreign Debts would lead the review, with possible involvement from the committees responsible for appropriations and finance.
The proposed borrowing remains subject to legislative approval, and the transmission of the request does not constitute authorisation to obtain or disburse the loans.
In a separate communication, Tinubu also transmitted the Transfer of Convicted Offenders (Enactment and Enforcement) Amendment Bill, 2026, to the National Assembly.
The proposed legislation seeks to strengthen Nigeria’s legal framework for transferring convicted persons between Nigeria and other countries.
It would extend the existing framework to countries outside the Commonwealth where appropriate prisoner-transfer agreements have been concluded.
The amendment would also empower the President to extend the law’s application to relevant countries through an order published in the Federal Gazette.
The bill is expected to undergo legislative consideration before it can become law.
Both submissions form part of the Federal Government’s requests for parliamentary approval on financing and international criminal justice cooperation.
