Precious Nwonu, Enugu

President Bola Tinubu has asked the House of Representatives to approve external loans worth $20.52bn and €1.045bn to fund infrastructure and development projects under the Federal Government’s 2026–2027 Supplementary External Borrowing Rolling Plan.

The request was presented to lawmakers on Wednesday through a letter read by the Speaker of the House, Tajudeen Abbas, during plenary.

In the letter, Tinubu urged the House to fast-track consideration of the proposal, saying the funds would support programmes in agriculture, healthcare, education, water supply, security, employment and other critical sectors.

The President listed the proposed facilities as $20,517,755,901 and €1,045,083,643, with a detailed breakdown attached to the request for legislative review.

He explained that the proposed borrowing was necessary to support his administration’s reform agenda, stimulate economic growth and address the country’s infrastructure funding gap.

According to Tinubu, the projects were selected after technical and economic assessments, with consideration given to their potential contributions to national development.

He said the initiatives were expected to create jobs, improve skills acquisition, encourage entrepreneurship, reduce poverty and strengthen food security.

Tinubu added that most of the projects would be implemented across Nigeria’s 36 states and the Federal Capital Territory.

He argued that the country’s infrastructure needs, particularly in power, transportation and healthcare, required substantial investment beyond what the government could adequately provide from available resources.

The President maintained that responsible external borrowing would help bridge the funding gap, while stressing the importance of timely disbursement and effective execution of the proposed projects.

Following the presentation, the House referred the request to a joint committee on Aids, Loans and Debt Management and Appropriations, chaired by Abubakar Nalaraba, for further consideration.

The committees are expected to examine the proposed facilities, including their terms, intended purposes and potential effects on public finances, before submitting their findings to the House.

The loan request comes amid ongoing discussions about Nigeria’s need to fund major development projects while managing its public debt obligations.

The proposed facilities will require legislative approval before the Federal Government can proceed with the borrowing covered by the request.