President Bola Tinubu has asked the National Assembly to approve a new foreign borrowing plan worth $20.52 billion and €1.04 billion to fund projects and programmes across several sectors in Nigeria.
The request was contained in a letter read by Senate President Godswill Akpabio during Tuesday’s plenary.
The proposed borrowing comes amid growing concerns over Nigeria’s rising debt and the financial obligations future administrations and taxpayers may face.
In March 2026, the National Assembly approved two external financing facilities worth $6 billion. These included a $5 billion facility intended to support budget implementation, fund priority infrastructure projects and refinance existing high-cost debts, as well as a $1 billion credit facility for the rehabilitation of Lagos Port Complex and Tin Can Island Port.
In July 2025, the Senate also approved an external borrowing plan exceeding $21 billion for the 2025 and 2026 fiscal years. The package covered projects in infrastructure, agriculture, healthcare, education, security, housing, railway development, power generation and digital connectivity.
However, the size of the proposed loans raised concerns among some lawmakers. During deliberations in July 2025, Senator Abdul Ningi questioned whether the documents presented to the Senate adequately explained how the loans would be repaid.
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Lawmakers who supported the borrowing plan argued that the funds were necessary to finance critical infrastructure and implement the national budget.
The latest request comes as Nigeria approaches the 2027 general election, scheduled for January 16, according to the report. Tinubu, who became president in 2023, is seeking another term amid public debate over his economic reforms, including the removal of the petrol subsidy and changes to foreign exchange policies.
Although the government has defended these measures as necessary to stabilise public finances and attract investment, many Nigerians continue to struggle with rising living costs.
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