President Bola Tinubu has requested the approval of the National Assembly for external loans totaling $20.5 billion and €1.4 billion to fund critical development projects under the Federal Government’s proposed 2026-2027 borrowing plan.
The request was formally presented to lawmakers on Tuesday as the National Assembly resumed plenary sessions.
Announcing the president’s request on the floor of the Senate, Senate President Godswill Akpabio said the proposed loans would support major projects aimed at addressing infrastructure deficits and accelerating economic development across key sectors.
According to Tinubu, the funds will be invested in power, transportation, agriculture, healthcare, education, water resources and security projects nationwide, including the Federal Capital Territory.
The president explained that the projects were selected following technical and economic evaluations and are expected to generate employment opportunities, encourage entrepreneurship, enhance skills acquisition, alleviate poverty and strengthen food security.
The loan proposal has been referred to the Senate Committee on Local and Foreign Debts for legislative scrutiny. The committee is expected to submit its report within one week and may collaborate with other relevant committees during the review process.
In a separate legislative request, Tinubu also transmitted a bill seeking amendments to Nigeria’s framework for the transfer of convicted offenders between Nigeria and foreign countries.
The proposed legislation is designed to facilitate the implementation of prisoner-transfer agreements with countries outside the Commonwealth and would empower the president to extend the law to countries with which Nigeria has entered such agreements.
The amendment bill has been referred to the Senate Committee on Rules and Business for further consideration.
Both proposals are expected to undergo detailed legislative examination, with lawmakers focusing on the borrowing terms, the projects earmarked for funding and the legal implications of international prisoner-transfer arrangements.
