President Bola Tinubu has asked the National Assembly to approve a supplementary external borrowing plan worth about 20.52 billion dollars and 1.05 billion euros to finance infrastructure and social development projects across Nigeria.

In a letter read by Senate President Godswill Akpabio during plenary on Tuesday, Tinubu sought early approval of the Federal Government’s 2026–2027 Supplementary External Borrowing Plan to facilitate the timely implementation of the projects.

The proposed borrowing amounts to 20.52 billion dollars and 1.045 billion euros, with projects covering infrastructure, agriculture, healthcare, education, water supply, security, job creation and financial management reforms.

Tinubu said the projects had undergone technical and economic assessments and were selected for their potential to support socio-economic development.

According to the President, the initiatives are expected to create jobs, promote skills acquisition and entrepreneurship, reduce poverty and improve food security.

He added that most of the projects would be implemented across the 36 states and the Federal Capital Territory, citing significant infrastructure funding gaps, particularly in the power, transport and healthcare sectors.

After reading the letter, Akpabio said the borrowing plan had featured in earlier budget and external borrowing arrangements but would still undergo legislative scrutiny.

He referred the request to the Senate Committee on Local and Foreign Debts, working with the Committees on Appropriations and Finance, and directed them to report back within one week.