President Bola Tinubu has asked the Senate to approve fresh external loans worth $20.51bn and about €1.04bn under the 2026–2027 supplementary borrowing plan.
The proposed loans are intended to fund projects in power, healthcare, education, transportation, agriculture, security and other key sectors.
Nigerians have criticised the request on social media, raising concerns about economic hardship, public debt and the financial burden on future generations.
Tinubu Seeks Fresh Foreign Loans Worth Billions
President Bola Tinubu’s request for fresh foreign loans worth billions of dollars and euros has sparked reactions among Nigerians, with some questioning the country’s borrowing needs amid economic hardship.
The request was presented to the Senate on Tuesday by Senate President Godswill Akpabio, who referred it to the relevant committee for legislative review.
Tinubu is seeking approval for $20,517,755,901 and €1,045,083,643 under the Federal Government’s 2026–2027 supplementary external borrowing plan.
According to the letter read during plenary, the funds would help address Nigeria’s infrastructure deficit and close funding gaps in important sectors of the economy.
The proposed areas of investment include electricity, transportation, healthcare, education, agriculture, water supply, security, job creation and financial management reforms.
In his letter, the president urged lawmakers to approve the plan to enable the government to implement the proposed projects.
“In light of the need for significant infrastructure investment in the country and the vast financial resources needed to address this gap, it has become essential to pursue prudent external borrowings to close the financing shortfall,” Tinubu wrote.
He added that the selected projects had undergone technical and economic assessments to ensure they could support poverty reduction, skills development, entrepreneurship and food security.
Senate Refers Tinubu’s Request for Review
Following the presentation, Akpabio said parts of the borrowing framework had featured in earlier government borrowing plans.
He noted that aspects of the external borrowing programme for 2025–2027 had previously received approval but said the latest request would still undergo further examination.
The Senate president referred the proposal to the Senate Committee on Local and Foreign Debts, chaired by Senator Haruna Manu, for detailed review, with support from the Committees on Appropriations and Finance.
“The borrowing plan is attached, but of course, this was even earlier approved in our budget, and also the external borrowing plan was approved as far back as 2025 to 2027,” Akpabio stated.
Read also: APC Chairman Predicts North Will Give Tinubu Over 70% of Votes in 2027 Election
He added that the committee would examine the request to clarify its scope before further action.
Nigerians React to Tinubu’s Borrowing Plan
The proposed loans have generated criticism on social media, with several Nigerians expressing concern about public debt and the country’s economic situation.
Dr. MN Yahya, posting as @manmufty, called on Nigerians to vote out the government, arguing that citizens were facing hardship while the government continued to seek loans
Unusual Oscar (@Unusual_oskar) also criticised the proposal, claiming that the country would need years to recover from what the commenter described as wasteful spending.
Evolve (@Ev0lve) argued that loan approvals should be suspended during the transition towards a new government, while Nedu_ (@Hhonor_) raised concerns about the debt burden on future generations.
OLUMUYIWA (@olutoky), meanwhile, predicted that the borrowing plan would not prevent Tinubu from losing the 2027 election.
Here are some of the reactions shared online:
@manmufty wrote: “Nigerians need to come out to vote out this government. You can’t remove all what people are benefiting from the system, inflict hardship in the process with nothing to show from what is saved and still went and be taking loans mercilessly.
You’re going back to Lagos.”
@Unusual_oskar wrote: “A man who has stolen public funds all his life. Nigeria will need 20yrs to recover from all this wasteful spending.
A man who has never worked or generated wealth all his life is given power. We will suffer men
God help us”
@Ev0lve wrote: “This is deeply irresponsible. As we are in the process of changing government, we should suspend all loan approvals until the new government is sworn in.”
@Hhonor_ wrote: “This man is borrowing money our children will pay…. Nigeria is in trouble”
@olutoky wrote: “If Tinubu likes, he should borrow the whole world. Money will not save him from loosing the election in 2027.”
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