Tinubu Seeks Approval for $20.5 Billion and €1.05 Billion Plan

President Bola Tinubu has asked Nigeria’s National Assembly to approve a supplementary external borrowing plan totaling $20,517,755,901 and €1,045,083,643 for 2026-2027. The Senate referred the request to committees for review before lawmakers decide whether to authorize it. Senate President Godswill Akpabio read Tinubu’s letter during plenary on Tuesday, October 27, and referred the proposal to the Senate Committee on Local and Foreign Debts, working with the Appropriations and Finance committees. The committees were directed to report back within one week, according to reports of the referral. Tinubu said the borrowing would finance projects and programmes in infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms. He identified power, transportation and healthcare as particular priorities and said most projects would be implemented across Nigeria’s 36 states and the Federal Capital Territory. In the letter, Tinubu argued that external financing was needed to address infrastructure needs and close a funding shortfall. He said projects in the plan were selected after technical and economic evaluations...