President Bola Tinubu has asked the National Assembly to approve a fresh external borrowing plan of $20.52bn and €1.04bn to finance projects and programmes across various sectors of the Nigerian economy.
The request was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Tuesday.
The proposed borrowing comes as the Federal Government continues to rely on external financing to support budget implementation, infrastructure development and other national priorities, amid concerns over Nigeria’s rising public debt and the cost of servicing existing loans.
Tinubu’s latest request now requires legislative consideration before the proposed borrowing can proceed.
Nigeria has previously sought substantial external loans to fund projects in areas such as transportation, power, agriculture, security, housing and human capital development. In July 2025, for instance, the Senate approved an external borrowing plan of about $21.5bn alongside other financing arrangements for the 2025–2026 fiscal years.
However, external borrowing has continued to attract debate over how the funds will be allocated, the benefits they will deliver to citizens and the government’s capacity to repay the loans.