By Gloria Ikibah
President Bola Tinubu has asked the House of Representatives to approve external borrowing facilities totalling $20.52bn and €1.045bn to finance infrastructure and development projects under the Federal Government’s 2026–2027 Supplementary External Borrowing Rolling Plan. 
The proposed facilities, valued at $20,517,755,901 and €1,045,083,643, are intended to support projects and programmes in infrastructure, agriculture, healthcare, education, water supply, security and employment generation, among other sectors.
Tinubu’s request was conveyed in a letter read by the Speaker of the House, Tajudeen Abbas, during Wednesday’s plenary.
In the letter, the President urged lawmakers to expedite consideration of the proposal to enable the government to implement the planned projects and programmes.
He said the borrowing plan was informed by his administration’s reform agenda and the need to accelerate economic growth, adding that the proposed projects had undergone technical and economic evaluations to determine their expected contributions to national development.
According to the President, “the interventions are designed to create jobs, promote skills acquisition and entrepreneurship, reduce poverty and strengthen food security.”
Tinubu disclosed that most of the projects and programmes would be implemented across Nigeria’s 36 states and the Federal Capital Territory.
He argued that the country’s infrastructure deficit required substantial investment, which the government could not adequately provide without additional financing.
“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 borrowing to close the financial shortfall,” he said.
The President said the proposed loans would support critical infrastructure, particularly in the power, transportation and healthcare sectors.
He also stressed the importance of timely disbursement and effective implementation to ensure that the planned projects delivered the expected benefits.
Tinubu urged the lawmakers to give the request expeditious consideration, saying approval would enable his administration to meet its commitments and accelerate the delivery of the proposed interventions.
Following the presentation of the letter, the House referred the request to a joint sitting of the Committees on Aids, Loans and Debt Management and Appropriations, chaired by Abubakar Nalaraba, for further legislative consideration.
The committees are expected to scrutinise the proposed facilities, including their terms, intended uses and implications for public finances, before reporting back to the House for further action.
The borrowing request will require legislative approval before the Federal Government can proceed with the proposed facilities.
The proposal comes amid the government’s efforts to mobilise funding for infrastructure and other development priorities while managing the country’s public debt obligations. The committees’ findings and the subsequent decision of the House will determine whether the proposed external borrowing receives approval.
