President Bola Tinubu has asked the House of Representatives to approve external borrowing facilities worth $20.52bn and €1.045bn to fund infrastructure and development projects under the Federal Government’s 2026–2027 Supplementary External Borrowing Rolling Plan.

The request, presented to lawmakers through a letter read by the Speaker, Tajudeen Abbas, during Wednesday’s plenary, covers proposed facilities totalling $20,517,755,901 and €1,045,083,643.

Tinubu urged the lawmakers to fast-track consideration of the proposal to enable his administration to implement the projects and programmes outlined in the borrowing plan.

According to the President, the proposed financing would support investments in agriculture, healthcare, education, water supply, security, employment generation and other critical sectors.

He explained that the loans were considered necessary to advance the administration’s reform agenda, stimulate economic growth and address the country’s substantial infrastructure funding gap.

Tinubu said the projects were selected after technical and economic assessments, with consideration given to their expected contributions to national development.

He added that the proposed interventions were designed to generate employment, promote entrepreneurship and skills development, alleviate poverty and improve food security.

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

He maintained that the scale of investment required to address the country’s infrastructure challenges, particularly in electricity, transportation and healthcare, made additional external financing necessary.

Tinubu also emphasised the importance of ensuring that the funds are disbursed promptly and deployed effectively to achieve the intended development objectives.

Following the presentation of the request, the House referred it to a joint committee comprising the Committee on Aids, Loans and Debt Management and the Committee on Appropriations for further examination. The joint committee is chaired by Abubakar Nalaraba.

The committees are expected to review the proposed facilities, including their terms, intended purposes and implications for public finances, before submitting their findings to the House.

The proposed borrowing will require legislative approval before the Federal Government can proceed with the facilities covered by the request.

The move comes amid continuing discussions over how Nigeria can mobilise funding for major infrastructure and social development programmes while managing its public debt obligations.

The outcome of the legislative review will determine whether the proposed external borrowing facilities receive the approval of the House of Representatives.