Tinubu seeks Reps’ nod for $20.52bn, €1.045bn external loans

President Bola Tinubu has submitted a proposal to the House of Representatives for approval of external borrowing facilities amounting to $20.52 billion and €1.045 billion under the Federal Government's 2026-2027 Supplementary External Borrowing Rolling Plan. The purpose of these loans is to finance projects and programs in various sectors such as infrastructure, agriculture, healthcare, education, water supply, security, and employment generation.

The proposal was conveyed in a letter read by Speaker Tajudeen Abbas during Wednesday's plenary, urging the House to expedite its consideration. Tinubu emphasized that the government's reform agenda and need to accelerate economic growth necessitated additional external financing. He highlighted that the selected projects had undergone technical and economic evaluations and were expected to contribute to national development by creating jobs, promoting skills acquisition, reducing poverty, and enhancing food security.

Tinubu noted that most of these projects and programs would be implemented across Nigeria's 36 states and the Federal Capital Territory.