President Bola Tinubu has asked the National Assembly to approve a supplementary external borrowing plan worth $20.52 billion and €1.045 billion to fund infrastructure and development projects nationwide.
In a letter to Senate President Godswill Akpabio, read at plenary on Tuesday, the President said the facility covers the 2026–2027 fiscal period. The exact figures are $20,517,755,901 and €1,045,083,643.
According to Akpabio, the funds are targeted at key sectors including power, transportation, agriculture, healthcare, education, water supply and security.
Tinubu said the borrowing was necessary to close Nigeria’s infrastructure funding gap, sustain economic growth, create jobs and improve living conditions. He urged lawmakers to give the request urgent approval so funds can be released on time.
“The 2026–2027 Supplementary External Borrowing Plan cuts across all sectors, with specific emphasis on infrastructure, agriculture, health, education, water supply, growth, security and employment generation, as well as financial management reforms, amongst others,” he wrote.
The President said the projects were selected after thorough technical and economic evaluation, with most to be executed across the 36 states and the Federal Capital Territory. He added that the investments are expected to create jobs, promote skills acquisition, encourage entrepreneurship, reduce poverty and strengthen food security.
“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 broader external borrowings to close the financing shortfall,” he said.
Akpabio referred the request to the Senate Committee on Local and Foreign Debts, which is to report back at plenary within one week. The committee may work with the Committee on Appropriations and other relevant panels.
The letter did not include a project-by-project breakdown, the financing terms or the amount allocated to each sector.
₦269.4bn promissory notes
Separately, Tinubu asked the National Assembly to approve the establishment and expansion of the Federal Government’s Promissory Note Programme to settle verified outstanding liabilities of ₦269.44 billion.
The request was contained in a letter from the Secretary to the Government of the Federation, George Akume, read at the House of Representatives plenary on Tuesday.
Dated August 18, 2026, and received by the Speaker’s office on October 21, the letter put the liabilities at ₦269,446,402,822.56, following a review by relevant ministries, departments and agencies (MDAs). The debts cover contractual, project-related and other obligations owed to various creditors.
Akume said the programme would provide “a structured, transparent and fiscally responsible framework” for settling the debts, with only verified and validated claims admitted.
The President is seeking approval to issue promissory notes worth ₦269.44 billion, or any other amount the National Assembly approves, as well as to include the listed categories of liabilities and beneficiaries, subject to final verification and certification. He also asked lawmakers to authorise the Minister of Finance and Coordinating Minister of the Economy, working with the Debt Management Office, to implement the programme.
The SGF said the move would curb the continued build-up of interest and penalties, give relief to creditors and boost confidence in the government’s commitment to honouring its obligations. He added that spreading repayment over time would avoid an immediate cash-flow burden on the Federal Government.
Akume noted that the government had used the programme before to settle inherited local debts and contractual obligations, after approval by the Federal Executive Council and the National Assembly.
He urged the House to treat the request as urgent, citing the size and age of some of the liabilities. A detailed schedule of categories, beneficiaries, amounts and supporting documents was forwarded to the National Assembly.
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