President Bola Tinubu has asked the Senate to approve a supplementary external borrowing plan of $20.52 billion and €1.05 billion for 2026–2027, as Nigeria’s total public debt rose to N166.79 trillion at the end of June 2026.
The request, contained in a letter addressed to Senate President Godswill Akpabio, was read during plenary on Tuesday, October 27, 2026, according to the News Agency of Nigeria (NAN).
Tinubu said the proposed loans would finance infrastructure and development projects across power, transportation, healthcare, agriculture, education, water supply, security and employment generation, while supporting public financial management reforms.
The President said the borrowing plan was necessary to address Nigeria’s infrastructure deficit and close funding gaps affecting projects considered critical to the country’s socioeconomic development.
According to him, the proposed projects and programmes underwent technical and economic evaluations, with most scheduled for implementation across the 36 states and the Federal Capital Territory.
“In light of the need for significant infrastructure investment in the country and the vast financial resources needed to address this gap, it has become essential to pursue prudent external borrowings to close the financing shortfall,” Tinubu said.
He urged the Senate to consider the request urgently, arguing that approval would enable the government to release funds on time and implement the proposed projects effectively.
Akpabio said the borrowing plan had featured in the Federal Government’s previously approved borrowing programme, noting that the external borrowing plan had received legislative approval as far back as 2025 for the 2025–2027 period.
The Senate President subsequently referred the request to the Senate Committee on Local and Foreign Debts for further consideration, in collaboration with the Committees on Appropriations and Finance.
The proposed borrowing comes as Nigeria’s public debt stock continues to increase. Data from the Debt Management Office (DMO) showed that total public debt rose to N166.79 trillion as of June 30, 2026, from N159.35 trillion at the end of March, representing an increase of N7.44 trillion within three months.
Domestic debt accounted for N91.59 trillion, or 54.91 per cent of the total debt portfolio, while the balance comprised external debt.
Nigeria’s debt stock has also expanded significantly since Tinubu assumed office in May 2023. DMO data showed that total public debt stood at N87.38 trillion as of June 30, 2023, meaning the stock had increased by N79.41 trillion by the end of June 2026.
External and domestic borrowing have both contributed to the increase. Nigeria’s external debt rose from $42.49 billion in December 2023 to $51.86 billion in December 2025, while domestic debt increased from N59.1 trillion to N89.4 trillion over the same period.
The Senate committees are expected to examine the proposal before further legislative action on the request.
