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President Bola Tinubu has approached the National Assembly seeking legislative approval for a supplementary external borrowing plan of $20.52 billion and €1.045 billion to finance critical infrastructure and development projects across Nigeria for the 2026–2027 fiscal period.
In addition to the foreign loans, the president has requested authorization to establish and expand the Federal Government’s Promissory Note Programme, amounting to ₦269.44 billion, to clear outstanding verified liabilities and contractual obligations.
The letters detailing the requests were read at the Senate plenary by Senate President Godswill Akpabio.
According to the executive, the proposed external financing targets key sectors such as power, transportation, agriculture, healthcare, education, water supply, and national security. President Tinubu emphasized that the initiatives, to be implemented across all 36 states and the Federal Capital Territory (FCT), were selected following rigorous technical and economic evaluations to address Nigeria’s infrastructure deficit.
“These initiatives aim to generate employment, promote skills acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child,” Tinubu stated in the communication, noting that broader external borrowings are essential to close the nation’s financial shortfall.
Meanwhile, the request for the ₦269.44 billion Promissory Note Programme, forwarded through a letter signed by the Secretary to the Government of the Federation, Senator George Akume, is designed to provide a transparent and fiscally responsible mechanism for settling outstanding debts owed to various creditors.
The arrangement aims to mitigate mounting interest and penalty costs while easing immediate cash-flow burdens on the federal government.
Following the presentation, Senate President Akpabio referred the external borrowing proposal to the Senate Committee on Local and Foreign Debts, directing the panel to report back within one week.
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