President Bola Tinubu has asked the National Assembly to approve a supplementary external borrowing plan of $20.52bn and €1.045bn to finance infrastructure and development projects across the country.

The President also sought legislative approval for the establishment and expansion of the Federal Government’s Promissory Note Programme to settle outstanding verified liabilities amounting to N269.44bn.

Tinubu’s borrowing request was contained in a letter addressed to Senate President Godswill Akpabio, who read it during plenary on Tuesday.

The proposed external financing covers the 2026–2027 fiscal period and targets critical sectors, including power, transportation, agriculture, healthcare, education, water supply and security.

Tinubu said the borrowing was necessary to address Nigeria’s infrastructure deficit, sustain economic growth, create jobs and improve living conditions.

In the letter, titled Federal Government 2026–2027 Supplementary External Borrowing Plans, the President said the proposed facilities would support projects across virtually every sector of the economy.

“The 2026–2027 Supplementary External Borrowing Plan cuts across all sectors, with specific emphasis on infrastructure, agriculture, health, education, water supply, growth, security and employment generation, as well as financial management reforms, amongst others,” he said.

The letter put the proposed facilities at $20,517,755,901 and €1,045,083,643.

Tinubu said the projects had been selected following technical and economic assessments and were expected to contribute to the country’s socioeconomic development.

“I want to emphasise that the projects and programmes included in the Borrowing Plan were selected based on thorough technical and economic evaluation, as well as their anticipated contribution to the socio-economic development of the country,” he said.

He added that the initiatives were expected to promote employment, skills acquisition and entrepreneurship, reduce poverty and strengthen food security.

Projects to Cover 36 States, FCT

The President disclosed that most of the projects would be implemented across Nigeria’s 36 states and the Federal Capital Territory.

He said the scale of the country’s infrastructure deficit and the resources required to address it had made additional external borrowing necessary.

“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 broader external borrowings to close the financing shortfall,” he said.

Tinubu identified power, transportation and healthcare as some of the key sectors expected to benefit from the proposed financing.

He urged lawmakers to approve the borrowing plan promptly, arguing that early approval would facilitate timely disbursement and effective implementation of the projects.

The letter did not provide a detailed breakdown of the amount allocated to each project or sector, nor did it specify the financing terms of the proposed facilities.

Following the presentation, Akpabio referred the request to the Senate Committee on Local and Foreign Debts for further legislative consideration and directed it to report back within one week. The committee may work with the Senate Committee on Appropriations and other relevant committees.

Tinubu Seeks Approval to Settle N269.44bn Outstanding Liabilities

In a related development, Tinubu has sought the National Assembly’s approval to establish and expand the Federal Government’s Promissory Note Programme to settle verified outstanding liabilities worth N269.44bn.

The request was conveyed in a letter from the Secretary to the Government of the Federation, Senator George Akume, read during plenary in the House of Representatives in Abuja.

In the letter dated August 18, 2026, and received by the Office of the Speaker on October 21, Akume put the liabilities at N269,446,402,822.56, following a review by relevant ministries, departments and agencies.

He said the President had approved the proposal as a mechanism for addressing outstanding contractual, project-related and other financial obligations owed to various categories of creditors.

According to the letter, the programme is intended to provide “a structured, transparent and fiscally responsible framework” for settling the liabilities while ensuring that only verified and validated claims are admitted.

The President is seeking approval for the issuance of promissory notes worth N269.44bn, or another amount approved by the National Assembly, to settle the obligations listed in the accompanying schedule.

The request also covers the inclusion of identified categories of liabilities and beneficiaries, subject to final verification, reconciliation and certification by the relevant government agencies.

Tinubu further asked lawmakers to authorise the Minister of Finance and Coordinating Minister of the Economy, in collaboration with the Debt Management Office and other relevant agencies, to take the necessary steps to implement the programme.

Government Cites Rising Interest, Penalties

Akume said the proposed arrangement would help prevent the continued accumulation of interest, penalties and other costs associated with the outstanding obligations.

He added that it would provide relief to affected creditors and reinforce confidence in the Federal Government’s commitment to honouring legitimate contractual and other financial obligations.

The SGF noted that the government had previously used the Promissory Note Programme to settle inherited domestic debts and contractual obligations following Federal Executive Council and National Assembly approvals.

He said the proposed arrangement would allow the government to settle the liabilities in an orderly manner without placing an immediate and disproportionate burden on its cash flow.

According to the letter, spreading repayment obligations over an appropriate period would also support fiscal planning and prudent debt management.

Akume urged the House to consider the request urgently, citing the age and scale of some of the outstanding liabilities and the possibility of further increases in interest and related costs.

He said legislative approval would enable the government to begin the processes required to issue the promissory notes and resolve the outstanding claims.

The detailed schedule of liabilities, including the categories, beneficiaries, amounts and supporting documents, was submitted to the National Assembly for consideration.

Both requests now require legislative consideration before the proposed borrowing and debt-settlement measures can proceed.