ADC Kicks as Tinubu Seeks $20.52bn, €1.05bn Loans for Projects Across 36 States, FCT

By Peter Salami

President Bola Tinubu has asked the National Assembly to approve a supplementary external borrowing plan of $20.52 billion and €1.05 billion for 2026–2027, with the proposed financing targeted at infrastructure, agriculture, healthcare, education, water supply, security, and job creation. Updates on these discussions often feature in KTH Daily News Updates, keeping readers informed about legislative proceedings.

The request was contained in a letter transmitted to the National Assembly and read at Tuesday’s plenary by Senate President Godswill Akpabio.

The exact facilities proposed under the plan are $20,517,755,901 and €1,045,083,643.

Tinubu said the external financing was required to bridge Nigeria’s infrastructure funding gap and accelerate the implementation of critical development projects across the country.

According to the President, projects and programmes included in the borrowing plan were selected following technical and economic evaluations, taking into consideration their expected contribution to Nigeria’s socioeconomic development. For more details on such significant policy proposals, KTH Daily News Updates provides comprehensive coverage.

He said the initiatives were designed to create employment, promote skills acquisition and entrepreneurship, reduce poverty, and strengthen food security.

“These initiatives aim to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty, and enhance food security, all of which improve the livelihood of the Nigerian child,” Tinubu said.

Most of the projects covered by the plan are expected to be implemented across the 36 states and the Federal Capital Territory, giving the proposed financing a nationwide spread.

The President said substantial investment remained necessary to close longstanding infrastructure gaps and provide the physical and social facilities required to sustain economic growth.

“In light of the need for significant infrastructure investment in the country and the vast financial resources needed to address this gap, it has become essential to pursue prudent external borrowings to close the financing shortfall,” he said.

Power, transportation, and healthcare are expected to receive significant attention under the programme, alongside investments in agriculture, education, water supply, and security.

Tinubu urged lawmakers to give the proposal early consideration, saying legislative approval would facilitate timely disbursement and implementation of the projects. The progress of these legislative approvals is a regular feature in KTH Daily News Updates.

Akpabio, after reading the President’s communication, said elements of the borrowing programme had featured in previously approved Federal Government borrowing and budgetary frameworks.

“The borrowing plan is attached, but of course, this was even earlier approved in our budget, and also the external borrowing plan was approved as far back as 2025 to 2027,” the Senate President said.

He subsequently referred the request to the Senate Committee on Local and Foreign Debts for detailed consideration, with input from the Senate Committees on Appropriations and Finance.

The committee review will provide lawmakers an opportunity to examine the proposed facilities, their purposes, and their relationship with borrowing arrangements previously approved by the National Assembly before the Senate takes a final decision.

The request comes against the backdrop of Nigeria’s rising public debt. The country’s total public debt stood at N166.79 trillion as of June 30, 2026, comprising N91.59 trillion in domestic debt and N75.20 trillion in external obligations.

The proposed borrowing has, however, drawn opposition from the African Democratic Congress Presidential Campaign Council, which urged the National Assembly to withhold approval until the Federal Government provides more detailed information on the facilities and the projects they would finance.

The ADC-PCC, through its Director of Media and Publicity, Kola Ologbondiyan, demanded disclosure of the purposes of the loans, interest rates, repayment periods, fees, and other conditions attached to them.

It also called for a comprehensive account of the Federal Government’s domestic and external borrowing since May 2023 and details of how revenues associated with the removal of the petrol subsidy had been deployed. Therefore, key developments such as these are tracked and reported in KTH Daily News Updates.

The opposition council argued that further borrowing should be tied to clearly identifiable projects and measurable outcomes, warning about the implications of increasing debt obligations.

The Federal Government’s position, as contained in Tinubu’s letter, is that external financing is necessary to close critical funding gaps and deliver infrastructure and development projects capable of supporting growth, employment, food security, and improved public services nationwide.