Tinubu seeks $20.5bn, €1.04bn foreign loans for infrastructure projects

President Bola Tinubu has asked the National Assembly to approve $20.52 billion and €1.045 billion in supplementary external borrowing to finance infrastructure and development projects across Nigeria.

The President also seeks approval to issue N269.44 billion in promissory notes to settle outstanding verified Federal Government debts.

Tinubu’s requests came in separate letters to the Senate and House of Representatives.

Senate President Godswill Akpabio read the President’s letter on the proposed external borrowing during plenary on Tuesday.

The request covers the 2026–2027 fiscal period. It targets power, transportation, agriculture, healthcare, education, water supply and security.

Tinubu said the loans would help address Nigeria’s infrastructure deficit, sustain economic growth, create jobs and improve living conditions.

He explained that the government selected the projects after technical and economic assessments.

According to the President, the projects would promote employment, skills acquisition, entrepreneurship, poverty reduction and food security.

He said most of the projects would cover all 36 states and the Federal Capital Territory.

Tinubu argued that Nigeria’s infrastructure needs required additional external financing to close the funding gap.

He said the funds would primarily support critical projects in power, transportation and healthcare.

The President urged lawmakers to approve the borrowing plan urgently. He said timely approval would allow the government to release funds and implement the projects.

Tinubu added that the proposed financing would help the government fulfil its obligations through timely disbursement and effective project execution.

Akpabio referred the request to the Senate Committee on Local and Foreign Debts for further consideration.

The committee must report back within one week. It may also consult the Senate Committee on Appropriations and other relevant committees.

However, the President’s letter did not provide a detailed breakdown of the loans by project, sector or financing terms.

Tinubu seeks N269.44bn promissory notes

In a separate request, Tinubu asked the National Assembly to approve the establishment and expansion of the Federal Government’s Promissory Note Programme.

The programme would settle outstanding verified liabilities totalling N269.44 billion.

Secretary to the Government of the Federation, George Akume, conveyed the request in a letter read during plenary in the House of Representatives.

In the letter dated August 18, 2026, and received by the Speaker’s office on October 21, Akume put the liabilities at N269,446,402,822.56.

He said relevant ministries, departments and agencies reviewed the outstanding obligations before arriving at the figure.

Akume explained that Tinubu had approved the proposal to use the programme to settle the verified debts.

The programme would provide a structured and transparent framework for settling outstanding obligations.

It would also ensure that the government admits only verified and validated claims.

Tinubu seeks approval to issue promissory notes worth N269.44 billion, or another amount the National Assembly may approve.

The notes would cover liabilities listed in the accompanying schedule.

The request also seeks approval to include identified categories of liabilities and beneficiaries, subject to final verification, reconciliation and certification by relevant agencies.

Tinubu further asked lawmakers to authorise the Minister of Finance and Coordinating Minister of the Economy to implement the programme.

The minister would work with the Debt Management Office and other relevant agencies.

Akume said the arrangement would help prevent further accumulation of interest, penalties and other financial costs.

He added that the programme would provide relief to affected creditors and strengthen confidence in the government’s commitment to honour legitimate obligations.

The SGF noted that the Federal Government had previously used the programme to settle inherited domestic debts and contractual obligations.

Those earlier arrangements followed Federal Executive Council and National Assembly approvals.

Akume said the proposed programme would allow the government to settle the liabilities without placing an immediate and excessive burden on its cash flow.

He added that spreading repayments over an appropriate period would support fiscal planning and prudent debt management.

The SGF urged lawmakers to consider the request urgently.

He warned that some liabilities had remained outstanding for years, increasing the risk of additional interest and associated costs.

Akume said legislative approval would allow the government to begin issuing promissory notes and settle the affected obligations.

The government submitted a detailed schedule of the liabilities, including beneficiaries, amounts and supporting documents, to the National Assembly for consideration.