President Bola Tinubu has asked the National Assembly to approve fresh external borrowing of $20.5 billion and €1.04 billion to finance infrastructure and other development projects across Nigeria.
The request was conveyed to lawmakers in a letter read by Senate President Godswill Akpabio during plenary on Tuesday.
According to the request, the proposed loans are intended to support critical projects considered necessary for the country’s infrastructure development and economic growth.
The proposal will require legislative consideration and approval before the Federal Government can proceed with the borrowing arrangements.
The request comes as Nigeria prepares for the 2027 general elections, with renewed public attention on the country’s debt profile and the government’s reliance on external financing.
The proposed facilities have also raised questions about the potential implications of additional borrowing for public finances, particularly the cost of debt servicing and the government’s capacity to meet other spending commitments.
External loans are often used to finance infrastructure and development programmes, but their long-term benefits depend partly on how effectively the funds are deployed, the terms of repayment and the economic returns generated by the projects.
Further details on the proposed loans, including their specific terms, repayment schedules, lenders and the projects to be financed, were not contained in the information provided in the announcement.
The National Assembly is expected to consider the President’s request as part of its constitutional oversight of federal borrowing.
