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Business/Economy

Tinubu Seeks Approval for $20.52bn, €1.045bn Fresh Foreign Loans as Reps Begin Review

President Bola Tinubu has requested House of Representatives approval for $20.52 billion and €1.045 billion in external loans to fund infrastructure, healthcare, education, agriculture and other development projects across Nigeria.

By Babatunde Ademola Fadewo

2 min read 1 views Updated Nov 2, 2026
President Bola Tinubu has requested approval from the House of Representatives to obtain fresh external loans totalling $20.52 billion and €1.045 billion under the Federal Government's 2026–2027 Supplementary External Borrowing Plan. The request, presented during Wednesday's plenary on October 28, 2026, is aimed at financing major development projects across Nigeria, including infrastructure, agriculture, healthcare, education, water supply, security and employment generation.

The President's request was contained in a letter read by the Speaker of the House of Representatives, Tajudeen Abbas. Tinubu placed the proposed borrowing facilities at exactly $20,517,755,901 and €1,045,083,643, explaining that the government required additional financial resources to address infrastructure deficits and accelerate economic development. He urged lawmakers to consider the proposal promptly to enable the implementation of projects included in the borrowing plan.

According to the President, the proposed investments would support critical infrastructure, particularly power, transportation and healthcare facilities, while creating employment opportunities and promoting entrepreneurship. He explained that the projects had undergone technical and economic evaluations and were designed to improve food security, reduce poverty and strengthen economic productivity. Most of the proposed interventions are expected to cover the 36 states of the federation and the Federal Capital Territory.

Tinubu maintained that Nigeria's infrastructure requirements demanded substantial investment beyond available government resources, making external financing necessary to bridge the funding gap. He argued that timely legislative approval would facilitate access to the proposed facilities and accelerate the delivery of development programmes. However, the borrowing request comes amid continued public concerns about Nigeria's debt burden, repayment obligations and the need for transparency in government borrowing.

Following the presentation, the House referred the proposal to a joint committee comprising the Committees on Aids, Loans and Debt Management and Appropriations, chaired by Abubakar Nalaraba, for detailed consideration. The lawmakers are expected to examine the proposed loan terms, intended projects and financial implications before submitting their recommendations. The funds have not yet been approved, and the outcome of the legislative review will determine whether the Federal Government can proceed with the proposed external borrowing.
Filed under #Bola Tinubu #External Loans #House of Representatives #National Assembly #Nigeria Economy #Public Debt #Infrastructure #Federal Government #Foreign Borrowing #Economic Development

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President Bola Tinubu has requested House of Representatives approval for $20.52 billion and €1.045 billion in external loans to fund infrastructure, healthcare, education, agriculture and other development projects across Nigeria. President Bola Tinubu has requested approval from the House of Representatives to obtain fresh external loans totalling $20.52 billion and €1.045 billion under the Federal Government's 2026–2027 Supplementary...

Key takeaways
  • President Bola Tinubu has requested House of Representatives approval for $20.52 billion and €1.045 billion in external loans to fund infrastructure, healthcare, education, agriculture and other development projects across Nigeria.
  • President Bola Tinubu has requested approval from the House of Representatives to obtain fresh external loans totalling $20.52 billion and €1.045 billion under the Federal Government's 2026–2027 Supplementary External Borrowing Plan.
  • The request, presented during Wednesday's plenary on October 28, 2026, is aimed at financing major development projects across Nigeria, including infrastructure, agriculture, healthcare, education, water supply, security and employment generation.The President's request was contained in a letter read by the Speaker of the House of Representatives, Tajudeen Abbas.
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President Bola Tinubu has requested House of Representatives approval for $20.52 billion and €1.045 billion in external loans to fund infrastructure, healthcare, education, agriculture and other development projects across Nigeria. President Bola Tinubu has requested approval from the House of Representatives to obtain fresh external loans totalling $20.52 billion and €1.045 billion under the Federal Government's 2026–2027 Supplementary...

Who published this story?

Glow 99.1 FM published this story with Babatunde Ademola Fadewo listed as author.

When was it published?

October 28, 2026

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