President Bola Tinubu has asked the Senate to approve $20.51bn and €1.45bn in external borrowing to address funding gaps in the Federal Government’s 2026–2027 supplementary borrowing plan.
The President’s request was conveyed in a letter which Senate President Godswill Akpabio read during plenary on Tuesday.
He said this was necessary to enable the Federal Government meet its obligations to Nigerians and fund critical sectors.
“I submit here, the attached Federal Government 2026–2027 Supplementary External Borrowing Plan for consideration and early approval of the National Assembly to ensure prompt implementation of our projects,” the President stated.
The President said programmes under the plan were based on technical and economic evaluations, with consideration given to their expected contributions to Nigeria’s socioeconomic development.
According to him, the initiatives were designed to create jobs, promote skills acquisition and entrepreneurship, reduce poverty and improve food security.
On his part, Akpabio said aspects of the borrowing plan had previously been considered in the budget and that an external borrowing plan had also received approval in an earlier period.
He referred the request to the Senate Committee on Local and Foreign Debts in collaboration with the committees on Appropriation and Finance, which are expected to report back to the Senate within one week.
Culled from Daily Trust
