Tinubu Seeks Fresh $20.5bn, €1.045bn Foreign Loans! Tarakirivoice Tracks Nigeria’s Borrowing From 2023 To 2026
...Senate Gives Debt Committee One Week to Report as Questions Mount Over Loan Terms, Project Delivery and Nigeria’s Rising External Debt
By Passman Akpos
ABUJA — President Bola Tinubu has asked the Senate to approve a supplementary external borrowing plan of $20.52 billion and €1.045 billion to finance infrastructure and development projects across Nigeria, triggering renewed questions about the country’s borrowing commitments, repayment obligations and the actual benefits of previous loans.
The request, covering the 2026–2027 fiscal period, was presented to the Senate on Tuesday, October 27, 2026, by Senate President Godswill Akpabio, who subsequently referred it to the Senate Committee on Local and Foreign Debts for consideration.
The committee has been given one week to report back to the Senate.
According to the presidential letter, the proposed facilities amount to $20,517,755,901 and €1,045,083,643.
Tinubu said the funds would support projects across critical sectors, including power, transportation, agriculture, healthcare, education, water supply, security and financial management reforms.
He argued that additional external financing had become necessary because of Nigeria’s infrastructure deficit and the substantial resources required to accelerate economic growth, create employment and improve living conditions.
The President also maintained that the projects had been selected following technical and economic assessments and were expected to generate employment, promote skills acquisition, encourage entrepreneurship, reduce poverty and strengthen food security.
According to him, most of the proposed interventions would be implemented across Nigeria’s 36 states and the Federal Capital Territory.
Tinubu urged the National Assembly to give the proposal urgent consideration, arguing that timely approval would facilitate the release of funds and effective project implementation.
SENATE BEGINS SCRUTINY OF FRESH BORROWING PLAN
Following the presentation of the presidential request, Akpabio referred the proposal to the Senate Committee on Local and Foreign Debts, which is expected to examine the plan and may work with other relevant committees.
The committee is expected to report back within one week.
However, the letter presented to the Senate did not provide a detailed project-by-project breakdown of the proposed financing, the specific interest rates, repayment periods or the exact amounts earmarked for individual sectors.
These details will be important in assessing the potential financial implications of the proposed borrowing and the government’s capacity to meet future repayment obligations.
Although the President said the loans would address critical development needs, the proposal remains subject to legislative consideration and approval.
The latest request is a proposed borrowing plan, not evidence that the entire amount has already been borrowed or disbursed.
TARAKIRIVOICE INVESTIGATION: TINUBU’S FOREIGN BORROWING FROM 2023 TO 2026
An examination of major borrowing plans and international financing transactions associated with the Tinubu administration shows a series of requests, approvals and completed fundraising exercises since the President assumed office on May 29, 2023.
The following chronology highlights key developments while distinguishing proposed facilities from completed transactions.
- NOVEMBER–DECEMBER 2023: $7.86BN AND €100M BORROWING PLAN
In late 2023, the Tinubu administration sought legislative approval for an external borrowing plan worth approximately $7.86 billion and €100 million.
The plan, inherited from the previous administration, was approved by the Senate in December 2023.
The approval formed part of the government’s early efforts to secure external financing for projects and development programmes.
- DECEMBER 2024: $2.2BN EUROBOND ISSUANCE
In December 2024, Nigeria raised $2.2 billion through an international Eurobond issuance to help finance the 2024 budget deficit.
Unlike a borrowing proposal awaiting legislative approval, a completed bond issuance represents funds raised through the international debt market, subject to the terms of the transaction.
Eurobonds also create repayment obligations, including interest and principal payments in accordance with their contractual terms.
- MAY–JULY 2025: APPROXIMATELY $21.5BN EXTERNAL BORROWING PLAN
In 2025, the Tinubu administration sought legislative approval for an external borrowing plan valued at approximately $21.5 billion, alongside other currency-denominated financing arrangements and grants.
The Senate approved the plan in July 2025.
However, the approval figure should not automatically be interpreted as the amount subsequently received by the government. Actual disbursements depend on the financing agreements, applicable conditions and implementation arrangements.
- OCTOBER 2025: $2.347BN BORROWING AND PROPOSED $500M SUKUK
In October 2025, the National Assembly approved approximately $2.347 billion in international borrowing and a proposed $500 million sovereign Sukuk issuance.
Sukuk is an Islamic financial instrument structured to comply with Islamic finance principles.
The approval of a proposed issuance, however, does not by itself establish that the entire amount was eventually raised.
- MARCH 2026: REPORTED $5BN AND $1BN FINANCING REQUESTS
In March 2026, the Senate approved reported foreign financing requests involving $5 billion from First Abu Dhabi Bank and $1 billion for the rehabilitation of Lagos and Tin Can Island ports.
The precise structure, terms and disbursement status of these facilities require examination of the relevant approval documents and financing agreements.
- OCTOBER 27, 2026: FRESH $20.52BN AND €1.045BN REQUEST
The latest proposal is Tinubu’s request for approval of $20.52 billion and €1.045 billion under the 2026–2027 Supplementary External Borrowing Plan.
The financing is intended to support infrastructure and development projects across several sectors.
The Senate has referred the proposal to its Committee on Local and Foreign Debts and directed the committee to report back within one week.
If approved, the plan would create another significant borrowing authorisation for the administration, although the amount eventually raised would depend on subsequent financing arrangements and disbursements.
NIGERIA’S EXTERNAL DEBT: WHAT THE FIGURES SHOW
Figures reported from Debt Management Office data indicate that Nigeria’s external debt rose from approximately $42.49 billion in December 2023 to $51.86 billion in December 2025.
That represents an increase of approximately $9.37 billion over the two-year period.
However, the figures cover Nigeria’s external debt stock, which reflects outstanding obligations at particular dates. They should not be confused with the total value of borrowing requests or approvals made during the same period.
External debt can change because of new borrowing, repayments, exchange-rate movements and other adjustments.
Consequently, adding together every borrowing proposal and approval would not provide an accurate measure of how much Nigeria has actually borrowed.
Tarakirivoice emphasises that a proper assessment must distinguish between proposed loans, legislative approvals, signed financing agreements, actual disbursements, repayments and outstanding debt.
THE BIG QUESTIONS NIGERIANS DESERVE ANSWERS TO
The latest request raises important questions about transparency, debt sustainability and the delivery of public infrastructure.
- HOW MUCH HAS NIGERIA ACTUALLY RECEIVED?
What proportion of the previously approved borrowing plans has been disbursed, and how much remains undrawn?
A transparent accounting of actual receipts would help Nigerians understand the government’s borrowing position.
- WHAT ARE THE INTEREST RATES AND REPAYMENT PERIODS?
What are the interest rates, fees, grace periods, repayment schedules and other conditions attached to each facility?
These details are essential for determining the long-term cost of the proposed financing.
- WHICH PROJECTS HAVE BEEN COMPLETED?
What roads, power facilities, hospitals, schools, agricultural projects and other public infrastructure have been delivered using previously approved external loans?
The government should provide project locations, contractors, implementation timelines, amounts disbursed and independently verifiable completion records.
- HOW MUCH IS ALLOCATED TO EACH SECTOR?
The latest presidential letter identifies several sectors but does not provide a detailed project-by-project breakdown in the text presented to the Senate.
Will the National Assembly publish the full borrowing plan, including the amount allocated to each project and the expected development outcomes?
- WHAT WILL THE LOANS COST FUTURE GENERATIONS?
How will the proposed borrowing affect debt servicing, future budgets and the government’s capacity to fund essential public services?
The public deserves clear information about the expected economic returns and the government’s ability to meet its repayment obligations.
- WHAT SAFEGUARDS WILL PREVENT WASTE AND MISMANAGEMENT?
What monitoring, auditing and public reporting mechanisms will ensure that borrowed funds are used for their stated purposes?
The government and relevant oversight institutions should provide verifiable information about expenditure and project performance.
CONCLUSION: BORROWING APPROVALS MUST BE MATCHED BY ACCOUNTABILITY
President Tinubu’s latest request places another major external financing proposal before the National Assembly at a time when questions about Nigeria’s debt obligations and infrastructure needs remain central to public debate.
The administration says the proposed loans would support economic growth, create jobs, improve public services and address infrastructure gaps.
Whether those objectives are achieved will depend on the terms of the financing, the projects selected, the management of the funds and the government’s ability to demonstrate measurable results.
For the National Assembly, the immediate task is to scrutinise the proposal before deciding whether to approve it.
For Nigerians, the larger issue extends beyond the amount being requested: How much money has actually been received, what has it delivered, how much must be repaid, and what safeguards will ensure that the benefits reach ordinary citizens?
These are questions that deserve clear, documented answers from the government and the relevant oversight institutions.
Without Fear Nor Favour…
