President Bola Tinubu has asked the Senate to approve a fresh external borrowing plan of $20.52 billion and pound 1.05 billion for 2026 and 2027 to fund infrastructure and development projects across Nigeria.
The request was contained in a letter addressed to Senate President Godswill Akpabio and read during plenary on Tuesday, according to the News Agency of Nigeria.
Tinubu said the proposed loans would support key sectors, including power, transportation, healthcare, agriculture, education, water supply, security and job creation. The funds would also support reforms aimed at improving public financial management.
The President explained that the borrowing was necessary to address Nigeria’s infrastructure deficit and provide funds for projects expected to boost economic growth and improve living conditions.
Loans to fund projects across Nigeria
Tinubu said the proposed projects were selected after technical and economic assessments to determine their importance to national development.
According to him, most of the projects would be carried out across the 36 states and the Federal Capital Territory.
He added that Nigeria needed substantial investment to tackle its infrastructure challenges and close the funding gap.
‘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 borrowings to close the financing shortfall,’ the President said.
He urged the Senate to consider the request quickly, saying approval would enable the government to release funds on time and ensure effective implementation of the projects.
Senate refers request to committees
Akpabio said the borrowing plan had been included in the Federal Government’s previously approved borrowing programme.
He noted that the external borrowing plan had been approved as far back as 2025 for the 2025 to 2027 period.
The Senate President referred the request to the Senate Committee on Local and Foreign Debts for further consideration, alongside the Committees on Appropriations and Finance.
The committees are expected to examine the proposal before the Senate takes further action.
Nigeria’s public debt rises to N166.79 trillion
The latest borrowing request comes as Nigeria’s public debt continues to increase.
Data from the Debt Management Office showed that the country’s total public debt rose to N166.79 trillion as of June 30, 2026, up from N159.35 trillion at the end of March.
Domestic debt accounted for N91.59 trillion, representing 54.91 per cent of the total debt.
Nigeria’s debt has also increased significantly since Tinubu became president in 2023. The country’s total public debt stood at N87.38 trillion as of June 30, 2023.
External debt rose from $42.49 billion in December 2023 to $51.86 billion by December 2025, while domestic debt increased from N59.1 trillion to N89.4 trillion over the same period.