By Uche Amunike
President Bola Tinubu has asked the National Assembly to approve a supplementary external borrowing plan worth $20.52 billion and €1.045 billion to finance development projects and programmes across Nigeria in 2026 and 2027.
The request was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Tuesday. Tinubu urged lawmakers to consider the proposal urgently, saying the additional funding would help address the country’s infrastructure deficit and accelerate economic growth.
According to the President, the proposed financing would support critical sectors,which includes power, transportation, healthcare, agriculture, education, water supply and security. It would also fund initiatives aimed at generating employment, promoting entrepreneurship, improving skills acquisition and strengthening financial management.
The President maintained that the plan was necessary to bridge the funding gap created by Nigeria’s substantial infrastructure needs and sustain economic growth, following the reforms introduced by his administration.
He gave his assurances that the projects included in the proposal had undergone technical and economic assessments to determine their potential contributions to national development.
The President also added that the interventions were expected to stimulate economic activities, create jobs, reduce poverty, strengthen food security and improve living standards.
He further disclosed that most of the projects would be implemented across Nigeria’s 36 states and the Federal Capital Territory, ensuring that the proposed investments would benefit communities nationwide.
However, the letter did not provide a project-by-project breakdown of the expenditure, individual financing terms or the specific amounts allocated to the various sectors.
Following the presentation, Akpabio referred the request to the Senate Committee on Local and Foreign Debts for consideration and directed it to report back within one week. The committee’s review will form part of the legislative process required before the proposal can proceed.
The request has attracted criticism from former Vice President Atiku Abubakar, who said it vindicated his earlier warning about a potential $20 billion borrowing plan.
Atiku questioned the absence of detailed information about the projects, their costs and the contractors expected to execute them. He urged lawmakers to demand full disclosure of the proposed expenditure, financing conditions and repayment obligations before granting approval.
The African Democratic Congress Presidential Campaign Council also criticised the proposal, warning that excessive dependence on external financing could increase Nigeria’s debt burden and constrain future government spending.
The council called for transparency regarding the facilities’ purposes, interest rates, repayment periods and other conditions. It also urged the government to explain how the proposed financing would deliver measurable benefits to Nigerians.
The proposed plan remains subject to legislative scrutiny and approval by the National Assembly. Until the necessary authorisation is secured, the government cannot proceed on the basis of the requested approval alone.
The development comes as the Federal Government seeks additional resources to finance infrastructure and development programmes amid competing demands on public finances. The National Assembly’s consideration will determine whether the proposal receives the required legislative backing.
