Tinubu Seeks NASS Approval For $20.5bn, €1.45bn Supplementary Borrowing Plan
The plan would fund infrastructure, agriculture and education while also clearing N269.45 billion in verified liabilities, officials said.
- On Tuesday, President Bola Tinubu asked the National Assembly to approve a 2026-2027 Supplementary External Borrowing Plan totaling $20.52 billion and €1.045 billion for critical infrastructure and development projects.
- Tinubu argued the loans are essential to bridge financing shortfalls for infrastructure, agriculture, and education. He emphasized that projects underwent thorough technical evaluations to deliver measurable benefits, including job creation and poverty reduction.
- Former Vice President Atiku Abubakar and the African Democratic Congress rejected the request as reckless, warning that Nigeria cannot continue borrowing without transparent accounts of how previous funds were spent.
- Senator Victor Umeh questioned the proposal, noting that past budget approvals often left budgets unfunded. He asked, "Where has the money gone to?" while criticizing the government's inability to meet contractual obligations.
- Separately, the administration requested House approval for N269.45 billion in promissory notes to settle verified financial liabilities. Speaker Tajudeen Abbas said this aims to clear outstanding contractual obligations without placing immediate pressure on government cash flow.
43 Articles
43 Articles
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.
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…
Tinubu To Senate: Expedite Action On $22bn Foreign Loan Approval
President Bola Tinubu has urged the Senate to hasten its grant of approval of $20.51 billion and €1.45 billion in external borrowing, explaining that the funds are important to close financing gaps in the Federal Government’s 2026–2027 supplementary borrowing plan.…
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