PRESIDENT Bola Tinubu has submitted a fresh external borrowing request to the Senate, seeking approval to raise $20.52 billion and €1.05 billion for infrastructure and development projects across the country in 2026 and 2027.
The request, conveyed in a letter to Senate President Godswill Akpabio and read during plenary on Tuesday, covers investments in power, transport, healthcare, agriculture, education, water supply, security and job creation.
Tinubu said the proposed financing would help address Nigeria’s infrastructure deficit and close funding gaps for projects expected to support economic growth and improve public services.
He argued that the scale of funding required to tackle the country’s infrastructure challenges made external borrowing necessary.
“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,” the President said.
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According to him, the projects were selected after technical and economic assessments, with most expected to be implemented across the 36 states and the Federal Capital Territory.
Tinubu urged lawmakers to consider the request promptly, saying approval would enable the government to release funds and execute the projects within the required timelines.
Senate refers borrowing request to committees
Akpabio said the borrowing programme had featured in the Federal Government’s previously approved financing plans.
He noted that the external borrowing plan had received legislative approval as far back as 2025, covering the 2025–2027 period.
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The Senate president subsequently referred the latest request to the Senate Committee on Local and Foreign Debts for consideration, working with the committees on Appropriations and Finance.
The committees are expected to examine the proposal before further legislative action.
Public debt rises to N166.79tn
The proposed borrowing comes as Nigeria’s public debt continues to increase. Figures from the Debt Management Office (DMO) show that the country’s total public debt climbed to N166.79 trillion at the end of June 2026, from N159.35 trillion at the end of March, an increase of N7.44 trillion in three months.
Domestic debt accounted for N91.59 trillion, representing 54.91 per cent of the total.
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Nigeria’s debt burden has expanded considerably since Tinubu took office in 2023. The DMO reported total public debt of N87.38 trillion as of June 30, 2023.
External debt increased from $42.49 billion in December 2023 to $51.86 billion by December 2025, while domestic debt rose from N59.1 trillion to N89.4 trillion over the same period.
The latest borrowing request would add to the government’s external financing plans at a time when rising debt levels have intensified scrutiny of how borrowed funds are deployed, the returns they generate and the government’s capacity to meet future repayment obligations.
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