News
Tinubu seeks Senate’s approval to borrow additional $20.5bn, €1.05bn loans
President Bola Tinubu has written to the Senate to seek approval to borrow additional $20.5 billion and €1.05 billion loans. The president’s letter was read at the plenary on Tuesday by the Senate President, Godswill Akpabio.
In the letter, Tinubu said he had attached the Federal Government 2026–2027 Supplementary External Borrowing Plan for consideration and early approval of the National Assembly to ensure prompt implementation of our projects.
Akpabio informed the plenary that the president required the funds to bridge the country’s infrastructure gap in power, transportation, healthcare, education, agriculture, water supply, and some other projects.
He said the projects had undergone technical and economic assessments to ensure they contribute to poverty reduction, skills development, entrepreneurship and national food security. The Senate president later referred the president’s request to the Senate Committee on Local and Foreign Debts.
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