Nigeria’s president seeks parliament approval for about $21.7bn borrowing

Nigerian President Bola Tinubu has asked the National Assembly to approve a supplementary external borrowing plan worth $20.52 billion and €1.05 billion ($1.17 billion) for 2026-2027 to fund infrastructure and other projects. In a letter to lawmakers, Tinubu said the plan would support projects across sectors, including infrastructure, agriculture, healthcare, education, water supply, security, employment generation, and financial management reforms aimed at accelerating economic growth.

“I submit 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,” ​Tinubu said. Tinubu ​said ⁠external funding was needed to bridge a financing gap ​created by the country’s ​substantial ⁠infrastructure needs. The borrowing request will require National Assembly ⁠approval before the government can proceed with the proposed financing programme.