Tinubu Seeks NASS Approval For $20.5bn, €1.45bn Supplementary Borrowing Plan
The plan would fund infrastructure, agriculture and education while clearing verified contractor debts without immediate pressure on cash flow, officials said.
- On Tuesday, President Bola Tinubu asked the National Assembly to approve N269.45bn in promissory notes and external loans of $20.52 billion and €1.05 billion for the Lagos-Calabar Coastal Highway.
- The administration aims to clear outstanding contractual obligations through the Nigeria Promissory Note Programme while funding critical infrastructure projects, including agriculture and education, aligned with development priorities.
- Relevant ministries, departments, and agencies reviewed verified liabilities totaling N269,446,402,822.56, building on the National Assembly's October 2025 approval of $2.347 billion in external borrowing and a $500 million sovereign sukuk.
- Critics, including Emir of Kano Muhammadu Sanusi II and presidential candidate Peter Obi, questioned the government's continued reliance on loans despite petrol subsidy removal expected to improve public finances.
- Finance Minister Taiwo Oyedele rejected claims of excessive borrowing, citing naira depreciation and existing liabilities recognition, as projections indicate rising debt-servicing costs of N15.81 trillion for 2026.
33 Articles
33 Articles
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.
JUST IN: Tinubu seeks Senate approval for $20.52bn, €1.05bn external loans
President Bola Tinubu has asked the Senate to approve the Federal Government’s 2026–2027 Supplementary External Borrowing Plan, involving $20.52bn and €1.05bn, to finance infrastructure and development projects across the country. The request, which was transmitted to the National Assembly, was read by the President of the Senate, Senator Godswill Akpabio, during Tuesday’s plenary. In the Read More: https://punchng.com/just-in-tinubu-seeks-senat…
Nigeria: Tinubu seeks Senate approval of $20.52b, €1.05b supplementary external borrowing plan
WorldStage— President Bola Tinubu has sought the approval of Senate for 2026–2027 supplementary external borrowing plan of $20.52 billion dollars and 1.05 billion euros. Tinubu’s request is contained in a letter addressed to Senate President Godswill Akpabio and read at plenary on Tuesday. Tinubu said the proposed borrowing plan would be utlised on critical sectors of […]
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