Tinubu Seeks NASS Approval for $20.52bn, €1.04bn Foreign Borrowing Plan

President Bola Tinubu has approached the National Assembly for approval to secure external loans totalling $20.52 billion and €1.04 billion to fund projects and programmes across various sectors.

The request was conveyed to lawmakers in a letter read by Senate President Godswill Akpabio during plenary on Tuesday, October 27, 2026.

The proposed borrowing package, which comprises dollar- and euro-denominated loans, is subject to consideration and approval by the National Assembly.

Although the President’s request was presented to lawmakers, details of the specific projects and programmes expected to benefit from the proposed facilities were not immediately disclosed.

The request comes as the Federal Government seeks legislative authorisation for additional external financing to support its planned interventions across different sectors.

Further details of the borrowing proposal are expected to emerge as the National Assembly considers the request.