President Bola Ahmed Tinubu has written to the National Assembly seeking approval for a fresh external borrowing plan totalling $20.52 billion and €1.05 billion.

The request was contained in a letter addressed to the Senate and read by Senate President Godswill Akpabio during plenary on Tuesday, October 27, 2026.

According to the letter, the proposed $20,517,755,901 and €1,045,083,643, amounting to about N29.12 trillion, will be used to execute projects under the 2026–2027 Supplementary External Borrowing Plan.

President Tinubu said the funds would finance critical infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms across the country.

The Senate has referred the request to its Committee on Local and Foreign Debts for consideration, with a directive to report back within one week.

The fresh borrowing request is coming amid public concerns over Nigeria’s rising debt profile and preparations for the 2027 general elections.

Business Post reports that President Tinubu disclosed the money would be used to execute projects under the 2026–2027 supplementary borrowing plan , while Vanguard reports that the President is seeking approval of a supplementary external borrowing plan of $20.52 billion and €1.045 billion to finance infrastructure and development projects.