President Bola Tinubu has sought the National Assembly approval for $20.5 billion and €1.4 billion loans to finance critical development projects.
Mr Tinubu’s loan approval request under the proposed 2026–2027 borrowing plan was contained in a letter submitted to the National Assembly on Tuesday.
“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,” Mr Tinubu said.
The President’s letter was read during plenary by the Senate President Godswill Akpabio and would go through legislative processes for vetting and approval.
The President said the loans were targeted at financing critical infrastructure across sectors, including power, education, water supply, transportation, agriculture, healthcare, and security.