Tinubu Seeks $20.52 Billion and €1.045 Billion in Loans as Senate Reviews Earlier Approvals

ABUJA, Nigeria — President Bola Tinubu has asked Nigeria's Senate to approve approximately $20.52 billion and €1.045 billion in external borrowing for infrastructure and development projects, according to reports of a presidential letter read during Tuesday's plenary.

The request puts the financing of projects in power, transport and healthcare before lawmakers, but its relationship to previously approved borrowing remains unclear. Senate President Godswill Akpabio noted earlier approvals before referring the proposal to committees, making that reconciliation a central question in the review.

Tinubu said the financing would address infrastructure gaps and support investments in agriculture, education, water supply, security, employment and public financial management. Most projects would be implemented across Nigeria's 36 states and the Federal Capital Territory.

"The total facility for the projects and programmes under the borrowing rolling plan is 20 billion 517 million US dollars and 1 billion 45 million eighty-three thousand six hundred and forty-three euros respectively," the letter stated, according to BusinessDay's account of the Senate proceedings.

Those amounts round to $20.52 billion and €1.045 billion. They are proposed facilities, not evidence that the government has contracted or received the full sums.

Tinubu said the projects had undergone technical and economic assessments and were selected for their expected contribution to development. He said the investments would create jobs, support skills and entrepreneurship, alleviate poverty and improve food security; the reports did not include project-level assessments against which those expectations could be evaluated.

"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," Tinubu said in the letter.

The president sought urgent consideration so that financing could support timely implementation, according to Nairametrics' report, which attributes its account to the News Agency of Nigeria. That report describes the request as a supplementary borrowing plan for 2026–2027.

Akpabio's remarks introduced a qualification to the headline sum. BusinessDay reported that some components had appeared in earlier budget considerations and that the Senate had previously approved an external borrowing plan.

Nairametrics quoted him as saying: "The borrowing plan is attached, but of course, this was even earlier approved in our budget, and also the external borrowing plan was approved as far back as 2025 to 2027."

Neither account includes the full borrowing schedule needed to establish which facilities are additional, which have already received approval or why further legislative consideration is being sought. The request therefore cannot yet be treated as an entirely new addition to Nigeria's debt.

Akpabio referred the proposal to the Committee on Local and Foreign Debts, working with the Appropriation and Finance committees. BusinessDay reported that the committees were given one week to examine it and submit findings to guide the Senate's decision.

The immediate question is what lawmakers are being asked to authorize beyond the earlier approvals. The available reports do not establish lender-by-lender amounts, interest rates, maturities, grace periods or a disbursement timetable.

What to watch

• The committee report: Whether it reconciles the requested facilities with earlier budget and borrowing approvals.
• Financing terms: Publication of lenders, currencies, rates, maturities and repayment arrangements.
• Legislative action: Whether the Senate approves, amends or seeks further information on the request, and which projects receive funding first.