By Nathaniel Zaccheaus, Abuja
President Bola Tinubu has asked the National Assembly to approve $20.52 billion and €1.04 billion in supplementary foreign borrowing to finance major infrastructure and development projects across Nigeria.
The request has already triggered opposition concerns over the country’s growing debt exposure, with the African Democratic Congress Presidential Campaign Council (ADC-PCC) demanding full disclosure of the purpose, terms and expected benefits of the proposed facilities.
The borrowing proposal, covering the 2026–2027 fiscal period, was contained in a letter read by Senate President Godswill Akpabio during Tuesday’s plenary.
*Power, roads, healthcare, agriculture and security listed for funding
In the letter, Tinubu said the proposed facilities would support projects across critical sectors, including power, transportation, agriculture, healthcare, education, water supply and security.
He said the borrowing was necessary to bridge Nigeria’s infrastructure financing gap, sustain economic growth, create employment and improve the living conditions of Nigerians.
“The 2026–2027 Supplementary External Borrowing Plan cuts across all sectors, with specific emphasis on infrastructure, agriculture, health, education, water supply, growth, security and employment generation,” the President said.
Tinubu put the proposed facilities at $20,517,755,901 and €1,045,083,643, saying the projects and programmes had been selected following technical and economic assessments.
He said the proposed investments were expected to generate employment, promote skills acquisition, encourage entrepreneurship, reduce poverty and strengthen food security.
According to the President, most of the projects would be implemented across the 36 states and the Federal Capital Territory, giving the borrowing plan a nationwide development focus.
He argued that the scale of the country’s infrastructure deficit, and the financial resources required to close it, made additional external financing necessary.
“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 broader external borrowings to close the financing shortfall,” Tinubu said.
The President specifically identified power, transportation and healthcare among the critical areas expected to benefit from the proposed financing.
The proposed investment in power is expected, according to the request, to support efforts to address infrastructure deficiencies affecting electricity supply and economic activity.
Transportation projects are also expected to improve connectivity, while investments in healthcare and other social sectors are intended to strengthen public services and improve citizens’ welfare.
Tinubu said the projects had been subjected to technical and economic evaluation and were considered capable of contributing to the socio-economic development of the country.
He urged the National Assembly to consider the proposal urgently, arguing that legislative approval would allow government to proceed with timely disbursement and implementation.
*Senate sends proposal to debt panel, sets one-week reporting deadline
Following the presentation of the presidential request, Akpabio referred it to the Senate Committee on Local and Foreign Debts for consideration.
The Senate committee was given one week to examine the proposal and submit its report, beginning the legislative process for scrutinising the proposed external financing.
The referral means the borrowing request will have to pass through the Senate’s consideration before any approval can be secured.
The committee is expected to examine the proposal against the government’s stated objectives, including infrastructure development, economic growth, employment generation and improved public services.
The Senate’s scrutiny is particularly significant given the size of the proposed facilities and their intended implementation across the federation.
The borrowing request therefore places before lawmakers the question of how the proposed financing will be deployed and whether the projects can deliver the economic and social benefits projected by the Federal Government.
The proposal also provides the basis for lawmakers to examine the government’s justification that additional external financing is required to close the infrastructure funding gap.
Tinubu maintained that prompt approval would enable the government to meet its obligations to Nigerians through timely disbursement and effective project execution.
*ADC seeks terms, repayment details and account of earlier facilities
While the President presented the borrowing as necessary to address major development needs, the ADC-PCC urged the National Assembly to reject the proposal until the Federal Government provides comprehensive information on the facilities.
The opposition group said Nigerians deserved to know precisely what the country was borrowing, the conditions attached to the facilities and how the proposed financing would translate into tangible improvements in their lives.
In a statement issued on Tuesday, the council’s Director of Media and Publicity, Kola Ologbondiyan, also questioned the government’s decision to seek additional foreign financing without, according to the group, providing a clear account of previous borrowing.
“What exactly is President Tinubu borrowing all this money for? Where are the roads, the electricity, the hospitals, the jobs and the critical infrastructure that should justify this relentless accumulation of debt? Nigerians deserve answers,” Ologbondiyan said.
The ADC-PCC also demanded an account of revenue generated from the removal of the petrol subsidy and details of how the proceeds had been utilised.
The group argued that such information was necessary for Nigerians and lawmakers to assess whether the new borrowing was justified and whether previous financial resources had been deployed effectively.
Beyond the overall size of the proposed facilities, the opposition demanded disclosure of their specific purposes, interest rates, repayment schedules, fees, conditions and any collateral or guarantees attached to the agreements.
It said the information would allow lawmakers and the public to determine whether the facilities were necessary, affordable and capable of delivering measurable economic benefits.
The ADC-PCC warned that borrowing without transparent spending and measurable results could further increase Nigeria’s debt exposure and constrain the policy choices available to future administrations.
It also argued that poorly structured borrowing could place additional pressure on citizens already facing increased living costs and taxation.
“Nigeria cannot borrow its way out of poor economic management. Borrowing must be tied to clearly defined national priorities, transparent expenditure and measurable outcomes. Anything less is an injustice to the Nigerian people,” the statement said.
The opposition group consequently urged the National Assembly to demand accountability and withhold approval until the Federal Government establishes the necessity, sustainability and expected benefits of the proposed facilities.
