Tinubu asks Senate to approve $21.7bn in new foreign loans
PauseandPonderTV · Mon, 2 Nov 2026The money would fund power, roads, health and other projects across all 36 states and the FCT.
President Bola Tinubu has asked the National Assembly to approve about $21.7 billion in fresh foreign borrowing for 2026 and 2027.
The request, read on the floor of the Senate on 27 October, is made up of $20.52 billion and €1.045 billion. The government says the money will go into electricity, transport, healthcare, agriculture, education, water supply and security, with projects spread across the 36 states and the FCT.
Senate President Godswill Akpabio told senators the borrowing was already part of the government's financing plans and budget documents for 2025 to 2027.
The request has reignited the debate over Nigeria's debt. Public debt stood at ₦166.79 trillion at the end of June 2026, up ₦7.44 trillion in three months. The IMF, however, rates the country's risk of debt distress as moderate and expects debt to fall slightly as a share of the economy.
Critics, including former President Olusegun Obasanjo, have warned that heavy borrowing could burden future generations. The President insists the loans will pay for infrastructure needed to grow a $1 trillion economy by 2030. The National Assembly has approved every borrowing request he has sent since 2023.
Source: this report is based on reporting by Ecofin Agency and BusinessDay.