President Bola Tinubu has sent a request to the Senate seeking approval for a Supplementary External Borrowing Plan for 2026-2027.
According to the request, the plan is valued at over $20.5 billion and €1.045 billion and is intended to finance key projects across infrastructure, agriculture, health, education, and security sectors.
Reacting to the letter, Senate President Godswill Akpabio clarified that the plan should not be seen as new borrowing.
Following deliberation, the Senate has referred the request to its Committee on Local and Foreign Debts for further legislative work. The committee is expected to submit its report within one week.
