President Bola Tinubu has asked the National Assembly to approve $20.5 billion and €1.4 billion in external loans. This is to finance 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.
Senate President Godswill Akpabio announced the requests during plenary. Tinubu said the proposed borrowing would help address infrastructure gaps and support economic development across critical sectors.
The projects cover power, transportation, agriculture, healthcare, education, water supply and security. The financing proposal comes amid wider discussions about Nigeria’s development priorities, including the RMAFC’s efforts to attract Chinese investment.
Tinubu Explains Purpose of Proposed External Loans
Tinubu said the proposed projects were selected following technical and economic assessments.
According to the President, the projects are expected to create jobs, promote skills acquisition and entrepreneurship, reduce poverty and strengthen food security.
The proposed investments would also cover states and the Federal Capital Territory. However, the borrowing request must first undergo legislative scrutiny before the government can proceed with the proposed financing.
Infrastructure investment remains a major part of Nigeria’s development discussions. In Enugu State, for example, the government has pursued plans to attract foreign investment, including efforts to seek German investment in agriculture, energy and technology.
Senate Committee to Review Borrowing Proposal
The Senate Committee on Local and Foreign Debts is expected to examine the proposed external borrowing and report back within one week.
The committee may also collaborate with other relevant committees during the review. Lawmakers are expected to scrutinise the proposed financing and the projects it would support.
The legislative process will provide an opportunity to examine the terms of the proposed loans and their intended uses. The request also raises questions about how the proposed borrowing fits into Nigeria’s wider economic and infrastructure plans.
Related economic discussions include the NACCIMA’s support for Enugu’s ₦30 billion economic ambition, which highlights investment and development priorities at the state level.
Tinubu Submits Bill on International Prisoner Transfers
Alongside the borrowing request, Tinubu has transmitted a 2026 amendment bill seeking changes to Nigeria’s legal framework for transferring convicted offenders.
The proposed legislation aims 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. Lawmakers will consider the proposed changes as part of the National Assembly’s current legislative business.
National Assembly to Scrutinise Both Proposals
The National Assembly is expected to examine the loan request and the prisoner-transfer amendment bill through the relevant legislative processes.
For the borrowing proposal, attention will focus on the terms of the external loans, the projects to be financed and the expected development benefits.
The prisoner-transfer bill, meanwhile, seeks to provide a legal framework for implementing agreements with additional countries.
Both proposals will require further legislative consideration before the next steps can proceed. Their progress comes as political and economic discussions continue ahead of the 2027 general elections.
Other issues shaping the national debate include energy costs and infrastructure investment. Recent developments include the increase in petrol prices after Dangote Refinery raised its gantry rate and the launch of NNPC’s first smart self-service filling station in Abuja.
Political preparations have also intensified, with the NDC announcing its 2027 presidential campaign council. Meanwhile, Sowore has outlined his proposed wage and electricity policies.
Other political developments include Tinubu’s move to define Wike’s role as FCT and Rivers campaign coordinator and Remi Tinubu’s call for Nigerians to re-elect her husband.
The National Assembly’s decisions on the borrowing plan and prisoner-transfer bill will determine how both proposals advance through the legislative process.
