Tinubu seeks Reps’ nod for $20.52bn, €1.045bn external loans

President Bola Tinubu. Photo: State House

President Bola Tinubu has asked the House of Representatives to approve external borrowing facilities totalling $20.52bn and €1.045bn under the Federal Government’s 2026–2027 Supplementary External Borrowing Rolling Plan.

The proposed loans are intended to finance projects and programmes in infrastructure, agriculture, healthcare, education, water supply, security and employment generation, among other sectors.

Tinubu’s request was conveyed in a letter read by the Speaker, Tajudeen Abbas during Wednesday’s plenary.

In the letter, the President urged the House to expedite consideration of the proposal to enable the government to implement the planned projects and programmes.

He put the total proposed facilities at $20,517,755,901 and €1,045,083,643, adding that a breakdown of the loans was attached to the request for legislative consideration.

Explaining the rationale for the borrowing plan, Tinubu said the administration’s reform agenda and the need to accelerate economic growth made additional external financing necessary.

He said the projects had been selected following technical and economic evaluations, with their expected contributions to national development taken into account.

Tinubu said, “The interventions are designed to create jobs, promote skills acquisition and entrepreneurship, reduce poverty and strengthen food security.”

He added that most of the projects and programmes would be implemented across the 36 states and the Federal Capital Territory.

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Tinubu said the country’s infrastructure deficit required substantial investment, which the government could not adequately meet without additional financing.

“In light of the need for significant infrastructure investment in the country and the vast financial resources needed to address this gap, it has become essential to pursue prudent external borrowing to close the financial shortfall,” he said.

The president said the proposed facilities would support critical infrastructure, particularly in power, transportation and healthcare, while stressing the need for timely disbursement and effective implementation.

He urged lawmakers to give the request expeditious consideration, arguing that approval would enable the government to meet its commitments and accelerate delivery of the planned projects.

Following the presentation of the letter, the House referred the request to a joint Committee on Aids, Loans and Debt Management and Appropriations, chaired by Abubakar Nalaraba, for further legislative consideration.

The proposed borrowing plan will require legislative scrutiny before the government can proceed with the facilities covered by the request.

The committees are expected to examine the proposed loans, including their terms, intended uses and implications for public finances, before reporting back to the House for further action.

The request adds to the ongoing debate over how Nigeria can finance its infrastructure and development needs while managing its public debt obligations.

The outcome of the legislative process will determine whether the proposed facilities receive the House’s approval.