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Tinubu Seeks NASS Approval For $20.5bn, €1.45bn Supplementary Borrowing Plan
The plan would fund infrastructure, agriculture and education, while promissory notes would clear verified liabilities owed to contractors and creditors, officials said.
- On Tuesday, President Bola Tinubu submitted the 2026–2027 Supplementary External Borrowing Plan to the National Assembly, requesting approval for $20.52 billion and €1.045 billion in external loans to fund infrastructure, agriculture, education, and security projects.
- The administration claims the loans are necessary to address Nigeria's infrastructure deficit and bridge funding gaps, citing technical and economic assessments of proposed projects.
- Anambra Central Senator Victor Umeh questioned why previous loans failed to fund budgets, stating "budgets have remained unfunded up till this day." Former Vice President Atiku Abubakar urged lawmakers not to approve funds without detailed project disclosures.
- Senate President Godswill Akpabio referred the request to the Senate Committees on Local and Foreign Debts and Appropriations, directing them to submit a report within one week.
- Economic analyst Emmanuel Kelvin questioned the borrowing necessity given rising crude oil prices of $145 per barrel, while the ADC-PCC warned excessive foreign debt could constrain Nigeria's future policy choices and economic sovereignty.
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Nigeria: Atiku, ADC Reject Tinubu's Fresh $20bn, £1bn Loan
Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, and the ADC Presidential Campaign Council (ADC-PCC) have rejected President Bola Tinubu's request for approval to borrow $20.52 billion and €1.045 billion, describing the move as reckless and a danger to Nigeria's future.
·Washington, United States
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Tinubu seeks Reps’ approval for ₦269.4bn promissory notes to settle FG debts
President Bola Tinubu has asked the National Assembly to approve the establishment and expansion of the Federal Government’s Promissory Note Programme to settle outstanding verified liabilities totalling ₦269.44bn.
·Nigeria
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Total News Sources49
Leaning Left4Leaning Right0Center3Last UpdatedBias Distribution57% Left
Bias Distribution
- 57% of the sources lean Left
57% Left
L 57%
C 43%
Factuality
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