Tinubu Seeks Approval of National Assembly For $20.5 billion To Fund Infrastructure, Agric, Education, Other Key Sectors...Atiku Faults Request

President Bola Ahmed Tinubu is seeking 

approval of the National Assembly for the Federal Government’s 2026–2027 supplementary external borrowing plan valued at $20.5 billion and €1.45 billion, even as former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, faulted the request on the proposed external loans until the President publishes full details of the projects to be funded 

The plan according to Tinubu, is intended to fund critical infrastructure, agriculture, education and other key sectors of the economy in line with the administration’s development priorities.

The latest request comes on Tuesday, amid growing debate over the Tinubu administration’s borrowing plans and the country’s rising debt burden.

It will be recalled that in April that the Federal Government increased its planned borrowing for 2026 by ₦11.31 trillion to ₦29.20 trillion, while projecting a fiscal deficit of ₦31.46 trillion and debt-servicing costs of ₦15.81 trillion.

The government has faced criticism over its continued reliance on loans despite the removal of the petrol subsidy, which was expected to free up resources for development.

The Nigeria Democratic Congress (NDC) presidential candidate Peter Obi warned in April that Nigeria was heading towards a debt crisis, arguing that the government had continued borrowing despite the subsidy removal. He also raised concerns about outstanding payments to contractors and the implementation of capital projects.

The Emir of Kano, Muhammadu Sanusi II, similarly questioned why the government continued to borrow after ending subsidy payments, arguing that Nigerians should see the benefits of the policy in improved public finances.

However, the Federal Government has defended its borrowing strategy, saying the funds are intended to support critical infrastructure and other development priorities.

In July, Finance Minister Taiwo Oyedele also rejected claims that the Tinubu administration had borrowed about ₦80 trillion in three years. 

He explained that the increase in the reported debt stock included the effects of naira depreciation on external debt and the recognition of existing obligations, rather than fresh borrowing alone.

The National Assembly had previously approved a $2.347 billion external borrowing request in October 2025 to partly finance the 2025 budget deficit and refinance maturing Eurobonds, alongside a proposed $500 million sovereign sukuk for infrastructure projects.

While some economists have argued that borrowing can support development and poverty alleviation when directed towards productive investments, concerns remain over debt servicing, transparency and whether the loans will deliver tangible benefits to Nigerians.

Meanwhile former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has called on the National Assembly not to approve President Bola Tinubu’s proposed external loans until the President publishes full details of the projects to be funded.

Atiku in a statement issued on Tuesday by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, said the lawmakers must not approve “a single dollar” until the government provides details of every project, contract, cost, contractor, loan term and repayment obligation.

Atiku maintained that he had previously warned Nigerians about the proposed borrowing in connection with the Lagos–Calabar Coastal Highway.

“On October 12, I warned Nigerians that President Tinubu was reportedly preparing to borrow up to $20 billion in connection with the Lagos–Calabar Coastal Highway. I demanded that he confirm or deny the plan and publish the accounts. He did neither. Today, he has asked the Senate to approve $20.52 billion and €1.045 billion in external loans. My warning has been vindicated,” he said.