President Bola Ahmed Tinubu has defended the Federal Government’s new external borrowing plan, stating the funds will build future opportunities for Nigerians.
CDA News Nigeria gathered that the President made this known while transmitting the $20.52 billion and €1.05 billion 2026–2027 Supplementary External Borrowing Plan to the Senate for approval. The request was read by Senate President Godswill Akpabio during plenary.
Tinubu emphasized that the loans are critical for addressing the country’s infrastructure deficit and bridging funding gaps. He noted the funds will be channeled into critical sectors including power, transportation, healthcare, agriculture, and education.
The President explained that the projects were selected after rigorous technical and economic evaluations, emphasizing that the initiatives would generate employment, promote skills acquisition, and enhance food security.
“The scale of Nigeria’s infrastructure needs makes additional financing necessary,” Tinubu stated, adding that external borrowing would help close the funding shortfall.
CDA News Nigeria reports that the Senate President referred the request to the Senate Committee on Local and Foreign Debts for thorough scrutiny, particularly against the backdrop of existing borrowing arrangements.
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