The request, covering the 2026–2027 fiscal period, was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Tuesday, October 27, 2026.

According to the President, the proposed loans are intended to address Nigeria’s infrastructure deficit, support economic growth, create employment opportunities and improve the living conditions of citizens.

The borrowing plan covers several critical sectors, including power, transportation, agriculture, healthcare, education, water supply and security. It also includes employment-generation initiatives and financial management reforms.

Tinubu said the projects and programmes had undergone technical and economic assessments to determine their potential contributions to national development.

He maintained that additional external financing was necessary to bridge the country’s infrastructure funding gap and ensure that key development projects could be implemented without unnecessary delays.

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

Following the presentation of the request, Akpabio referred the borrowing plan to the Senate Committee on Local and Foreign Debts for detailed consideration.

The committee was given one week to review the proposal and report back to the Senate, with other relevant committees expected to contribute to the scrutiny.

The proposed loans have not yet received final legislative approval. The amount requested should therefore not be mistaken for funds already borrowed or disbursed.

The proposal comes amid continuing discussions about Nigeria’s rising public debt and the need to balance infrastructure investment with responsible borrowing and repayment obligations.

As lawmakers begin their review, attention is expected to focus on the projects to be funded, the terms of the loans, their expected economic benefits and the implications for future public finances.