Tinubu Asks National Assembly to Approve $20.5bn, €1.05bn Fresh Loans

President Bola Tinubu has written to the National Assembly seeking approval for a 2026–2027 supplementary external borrowing plan valued at $20.5 billion ($20,517,755,901) and €1.05 billion (€1,045,083,643).

According to the letter read on the floor of both chambers, the proposed loans would finance critical projects across infrastructure, agriculture, healthcare, education, water supply, security and employment generation, as well as financial management reforms.

The request, first reported by Premium Times and Channels Television, has dominated newspaper front pages today, Monday, November 2, 2026, and is expected to trigger heated debate when lawmakers resume consideration of the plan. Opposition figures have already questioned the size of the facility against the backdrop of Nigeria's rising debt service costs, while the presidency insists the borrowing is tied to specific, measurable projects.

The Senate and House of Representatives are expected to refer the request to their respective committees on local and foreign debts in the coming days. Civique News will track the debate and the final vote.