Tinubu seeks National Assembly approval for $21.7bn external borrowing plan

President Bola Tinubu has asked the National Assembly to approve a supplementary external borrowing plan worth $20.52 billion and €1.05 billion, about $21.7 billion in total, for 2026-2027. The request is to fund infrastructure and other projects.

In a letter to lawmakers, Tinubu said the plan would support projects across infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms aimed at accelerating economic growth.

What Tinubu told lawmakers

Tinubu asked for early approval so the projects can be implemented promptly. He said: “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.”

The president said external funding was needed to bridge a financing gap created by the country’s substantial infrastructure needs. The plan covers $20.52 billion and €1.05 billion, which is about $1.17 billion at the exchange rate used in the request.

Approval hurdle

The borrowing request will require approval from the National Assembly before the government can proceed with the proposed financing programme. The plan is tagged supplementary and covers 2026-2027.

Why the government wants the funds

Tinubu listed infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms as focus areas. The government says the projects are meant to accelerate economic growth.

The request now sits with lawmakers. Their approval is needed before any financing under the plan can move forward.