Tinubu Seeks National Assembly Approval For $20.5bn, €1.4bn Loans

President Bola Tinubu seeks legislative approval for $20.5bn and €1.4bn in external loans to fund development projects and support international prisoner transfers.

President Bola Tinubu has asked the National Assembly to approve external loans of $20.5 billion and €1.4 billion to finance critical development projects under the proposed 2026–2027 borrowing plan.

The President has also submitted a bill seeking to facilitate the transfer of convicted offenders between Nigeria and other countries.

The proposals were presented as the National Assembly resumed plenary on Tuesday.

Tinubu said the proposed external financing would help close infrastructure gaps and support economic development across key sectors, including power, transportation, agriculture, healthcare, education, water supply and security.
Senate President Godswill Akpabio announced the President’s requests during plenary.

According to the President, the projects were selected based on technical and economic assessments and are expected to create jobs, promote skills acquisition and entrepreneurship, reduce poverty and strengthen food security.

The projects are also expected to be implemented across the states and the Federal Capital Territory.

The borrowing request will undergo legislative scrutiny, with the Senate Committee on Local and Foreign Debts expected to review the proposal and report back within one week. The committee may also work with other relevant committees during the review.

Meanwhile, Tinubu has transmitted a 2026 amendment bill seeking changes to Nigeria’s legal framework for transferring convicted offenders.
The proposed legislation seeks to facilitate the implementation of prisoner-transfer agreements with countries outside the Commonwealth.

It would also empower the President to extend the law to countries with which Nigeria has concluded such agreements.
The bill has been referred to the Senate Committee on Rules and Business for further legislative action.

The National Assembly is expected to scrutinise both proposals, with attention on the terms of the proposed borrowing, the projects to be financed and the legal provisions governing international prisoner transfers.- Arise News