Photo: Raleigh News & ObserverPhoto: Raleigh News & ObserverNigeria
Tinubu asks Senate to approve $20.5bn and €1.04bn in external loans
The 2026-2027 borrowing request, sent to lawmakers ahead of the general election, raises questions about debt repayment room for the next government.
What happened
President Bola Tinubu asked the National Assembly to approve external loans worth $20.5 billion and €1.04 billion under the 2026-2027 Supplementary External Borrowing Plan. allafrica.com The request came in an executive communication read when the Senate resumed plenary last Tuesday. allafrica.com Tinubu said the money would finance projects in infrastructure, agriculture, healthcare, education, water supply, security and employment generation, along with financial management reforms. allafrica.com He said the borrowing was necessary to support his administration's reform agenda and that the projects were chosen after technical and economic evaluations of their expected contribution to socio-economic development. allafrica.com Senate President Godswill Akpabio referred the request to Senate committees, and the Senate later adjourned plenary on Wednesday. allafrica.com
Around it
The fresh borrowing requests have stirred controversy ahead of the general election. thisdaylive.com A ThisDay analysis examines the administration's infrastructure defence of the borrowing and whether growing repayment obligations will leave the next government enough room to deliver development. thisdaylive.com
Sources
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- Photo: Raleigh News & Observer
Photo: BusinessDay
Photo: BusinessDay