President Bola Tinubu has formally submitted a request to the Senate seeking legislative approval for a supplementary external borrowing plan totaling $20.52 billion and €1.05 billion under the 2026–2027 framework.
The official correspondence was read on Tuesday by Senate President Godswill Akpabio during plenary at the National Assembly in Abuja.
According to the executive communication, the external financing plan is designed to bridge critical national funding gaps and support priority development projects spread across the 36 states of the Federation and the Federal Capital Territory.
President Tinubu stated that the proposed facility will target vital sectors including power, transportation, healthcare, education, agriculture, water supply, security, and public financial management reforms.
He noted that significant national infrastructure deficits necessitated additional external capital to prevent project implementation delays and accelerate essential service delivery.
Following the presentation of the executive letter, Senate President Godswill Akpabio referred the borrowing plan to the Senate Committee on Local and Foreign Debts, with directives to collaborate with the Committee on Appropriations and report back to the full chamber within one week for legislative consideration.
You Might Also Like
