Tinubu Seeks $20.5bn and €1.04bn in Foreign Loans to Fund Projects

Author: Henry Umoru, Luminous Jannamike & Gift OdekinaPublished on: October 28, 2026Country: Nigeria

PoliticsBusiness & Economy

Tinubu Seeks $20.5bn and €1.04bn in Foreign Loans to Fund Projects

Nigerian President Bola Tinubu has asked the Senate to approve an external borrowing plan of $20.52 billion and €1.045 billion for the 2026–2027 fiscal period. The funds would support projects in sectors including power, transportation, agriculture, healthcare, education, water supply and security across the 36 states and the Federal Capital Territory. Tinubu also sought approval to expand the federal Promissory Note Programme to settle ₦269.44 billion in verified liabilities. The Senate referred the borrowing plan to its debt committee.

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